https://www.taxtmi.com/highlights?id=79779 Section 56(2)(x) applies to buyers, while Section 50C applies to sellers. The assessee acquired development rights, not immovable property. Based on the Supreme Court's decision in Seshasayee Steels (P) Ltd, the difference between stamp duty value and actual purchase value is not taxable u/s 56(2)(x) for acquiring development rights. Consequently, the Appellate Tribunal dismissed the revenue's appeal. en-us Sat, 27 Jul 2024 08:51:29 +0530 Sat, 27 Jul 2024 08:51:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79779 Section 56(2)(x) applies to buyers, while Section 50C applies to sellers. The assessee acquired development rights, not immovable property. Based on the Supreme Court's decision in Seshasayee Steels (P) Ltd, the difference between stamp duty value and actual purchase value is not taxable u/s 56(2)(x) for acquiring development rights. Consequently, the Appellate Tribunal dismissed the revenue's appeal. Highlights Income Tax Sat, 27 Jul 2024 08:51:29 +0530 https://www.taxtmi.com/highlights?id=79779