https://www.taxtmi.com/caselaws?id=449781 The Bombay HC held that consideration received by a housing society for redevelopment constituted transfer of development rights, not land or building, and thus was not taxable as LTCG under Section 50C in the society's hands but belonged to members. The court affirmed ITAT's decision that Rs. 3.50 crores received without possession transfer to developer was assessable as capital gains, not income from other sources. The HC found no substantial questions of law and dismissed the revenue's appeal, following the precedent from Raj Ratan Palace case. en-us Wed, 14 Feb 2024 00:00:00 +0530 Tue, 22 Oct 2024 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449781 The Bombay HC held that consideration received by a housing society for redevelopment constituted transfer of development rights, not land or building, and thus was not taxable as LTCG under Section 50C in the society's hands but belonged to members. The court affirmed ITAT's decision that Rs. 3.50 crores received without possession transfer to developer was assessable as capital gains, not income from other sources. The HC found no substantial questions of law and dismissed the revenue's appeal, following the precedent from Raj Ratan Palace case. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449781