https://www.taxtmi.com/highlights?id=94134 ITAT held that the impugned receipts, received by a housing society from occupying tenants on admission as members, constituted capital contributions/membership fees towards a building repair and development fund and not consideration for transfer within the meaning of s.2(47). The Tribunal found the receipts arose pursuant to membership admission terms and the conveyance/committee records, and that the allottees merely became class members while already in occupation. Consequently, s.50C valuation provisions were inapplicable and the Assessing Officer's addition under s.50C was unsustainable; the addition was deleted and the assessee's appeal allowed. en-us Thu, 13 Nov 2025 08:14:51 +0530 Thu, 13 Nov 2025 08:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94134 ITAT held that the impugned receipts, received by a housing society from occupying tenants on admission as members, constituted capital contributions/membership fees towards a building repair and development fund and not consideration for transfer within the meaning of s.2(47). The Tribunal found the receipts arose pursuant to membership admission terms and the conveyance/committee records, and that the allottees merely became class members while already in occupation. Consequently, s.50C valuation provisions were inapplicable and the Assessing Officer's addition under s.50C was unsustainable; the addition was deleted and the assessee's appeal allowed. Highlights Income Tax Thu, 13 Nov 2025 08:14:51 +0530 https://www.taxtmi.com/highlights?id=94134