https://www.taxtmi.com/caselaws?id=331842 Land and development rights were treated as a capital asset where the surrounding facts showed investment intent, no timely development activity, and conveyance of ownership-linked rights; on that basis, section 50C was held applicable. The period of holding exceeded thirty-six months, so the resulting gains were long-term rather than short-term. Because valuation under section 50C(2) was disputed, reference to the Departmental Valuation Officer was considered necessary for fair computation, and the assessment was sent back for fresh determination on that basis. en-us Wed, 27 Jul 2016 00:00:00 +0530 Tue, 06 Feb 2018 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331842 Land and development rights were treated as a capital asset where the surrounding facts showed investment intent, no timely development activity, and conveyance of ownership-linked rights; on that basis, section 50C was held applicable. The period of holding exceeded thirty-six months, so the resulting gains were long-term rather than short-term. Because valuation under section 50C(2) was disputed, reference to the Departmental Valuation Officer was considered necessary for fair computation, and the assessment was sent back for fresh determination on that basis. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331842