https://www.taxtmi.com/caselaws?id=765278 ITAT Ahmedabad upheld CIT(A)'s deletion of short term capital gain addition on transfer of development rights. Following precedents from ITAT Bangalore and Pune, the tribunal held that section 50C applies only to land or building transfers, not development rights in land. Since development rights are distinct from land itself and were only notionally transferred while actual land remained with partnership firm, no capital gain provisions were applicable. Revenue's appeal was rejected. en-us Thu, 02 Jan 2025 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765278 ITAT Ahmedabad upheld CIT(A)'s deletion of short term capital gain addition on transfer of development rights. Following precedents from ITAT Bangalore and Pune, the tribunal held that section 50C applies only to land or building transfers, not development rights in land. Since development rights are distinct from land itself and were only notionally transferred while actual land remained with partnership firm, no capital gain provisions were applicable. Revenue's appeal was rejected. Case-Laws Income Tax Thu, 02 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765278