https://www.taxtmi.com/caselaws?id=244434 The ITAT Mumbai dismissed the department's appeal, upholding the CIT(A)'s decision that section 50C of the Income-tax Act, 1961 does not apply to the sale of development rights. The property in question was considered stock in trade by the assessee, leading to the conclusion that section 50C, which pertains to capital assets like land or buildings, was not applicable. The ITAT emphasized the distinction between capital assets and stock in trade, ultimately affirming the CIT(A)'s order to adopt the sale value at Rs.3,07,000. en-us Fri, 14 Feb 2014 00:00:00 +0530 Wed, 26 Feb 2014 08:17:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244434 The ITAT Mumbai dismissed the department's appeal, upholding the CIT(A)'s decision that section 50C of the Income-tax Act, 1961 does not apply to the sale of development rights. The property in question was considered stock in trade by the assessee, leading to the conclusion that section 50C, which pertains to capital assets like land or buildings, was not applicable. The ITAT emphasized the distinction between capital assets and stock in trade, ultimately affirming the CIT(A)'s order to adopt the sale value at Rs.3,07,000. Case-Laws Income Tax Fri, 14 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244434