https://www.taxtmi.com/caselaws?id=297285 ITAT MUMBAI held for the assessee: the amounts paid by the developer constituted income of individual society members (development rights transferred), not the society, so double taxation could not be sustained and s.50C did not apply to treat it otherwise. A receipt of Rs.3.50 crore during the year was assessable as capital gains, not income from other sources. Payments made to the housing authority were allowed as expenditures because income was diverted before reaching the society. Deductions under ss.80P(2)(d) and 80P(2)(c)(ii) were upheld and related grounds were dismissed. en-us Fri, 17 Feb 2017 00:00:00 +0530 Fri, 05 Sep 2025 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297285 ITAT MUMBAI held for the assessee: the amounts paid by the developer constituted income of individual society members (development rights transferred), not the society, so double taxation could not be sustained and s.50C did not apply to treat it otherwise. A receipt of Rs.3.50 crore during the year was assessable as capital gains, not income from other sources. Payments made to the housing authority were allowed as expenditures because income was diverted before reaching the society. Deductions under ss.80P(2)(d) and 80P(2)(c)(ii) were upheld and related grounds were dismissed. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297285