https://www.taxtmi.com/caselaws?id=396954 The ITAT Hyderabad allowed the appeals of two assessees against the CIT (A) order invoking Section 50C of the Act for AY 2007-08. The tribunal held that as the assessees had only transferred future compensation and TDR rights, not immovable property, Section 50C should not apply. It emphasized the need for actual market value determination and concluded that in this case, the distress sale nature and absence of cash compensation warranted the exclusion of Section 50C. The tribunal directed the AO to delete the additions made under Section 50C for both assessees, citing a Mumbai Tribunal decision and the impact of the Covid-19 lockdown on the delayed order. en-us Wed, 22 Jul 2020 00:00:00 +0530 Mon, 27 Jul 2020 10:42:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396954 The ITAT Hyderabad allowed the appeals of two assessees against the CIT (A) order invoking Section 50C of the Act for AY 2007-08. The tribunal held that as the assessees had only transferred future compensation and TDR rights, not immovable property, Section 50C should not apply. It emphasized the need for actual market value determination and concluded that in this case, the distress sale nature and absence of cash compensation warranted the exclusion of Section 50C. The tribunal directed the AO to delete the additions made under Section 50C for both assessees, citing a Mumbai Tribunal decision and the impact of the Covid-19 lockdown on the delayed order. Case-Laws Income Tax Wed, 22 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396954