https://www.taxtmi.com/caselaws?id=397618 The Tribunal ruled in favor of applying Section 45(3) of the Income-tax Act, 1961 over Section 50C for a transaction involving the transfer of development rights. It held that the value recorded in the books of the Association of Persons should be considered for computing capital gains, reversing the addition made by the Assessing Officer under Section 50C. The appeal of the assessee was partly allowed, with the Tribunal deeming the additional ground regarding the applicability of Section 50C unnecessary to adjudicate separately. en-us Tue, 11 Aug 2020 00:00:00 +0530 Mon, 24 Aug 2020 12:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397618 The Tribunal ruled in favor of applying Section 45(3) of the Income-tax Act, 1961 over Section 50C for a transaction involving the transfer of development rights. It held that the value recorded in the books of the Association of Persons should be considered for computing capital gains, reversing the addition made by the Assessing Officer under Section 50C. The appeal of the assessee was partly allowed, with the Tribunal deeming the additional ground regarding the applicability of Section 50C unnecessary to adjudicate separately. Case-Laws Income Tax Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397618