TaxTMI 
TaxTMI 
2010 (12) TMI 91
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....s of appeal taken by both the assessees are common, therefore, the ground taken by the assessee in ITA No.541/Mum/2010 is reproduced below: "On the facts and in the circumstances of the case, the learned CIT(A) has erred in law and in facts in concluding that the provisions of sect ion 50C of the IT Act are applicable to transfer of development rights nad thereby directing the assessing officer to adopt the valuation under sect ion 50C of the Act , as sale consideration, for the purposes of calculating capital gain, instead of actual sale consideration offered by your appellant " 3. Brief facts of the case are that the assessee are crowners along with other four co-owners of the inherited property in quest ion. During the year under c....
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....f transfer of land or other capital asset but i t was a case of transfer of development rights of the property. Therefore, the provisions of sect ion 50C are not applicable for taking the valuation made by the Stamp Valuing Authority as full value of sale consideration. He has further contended that the deeming provisions of sect ion 50C cannot be applied when there is no transfer of the property itself , but only transfer of development rights. 5. The learned AR has further submitted that the valuation by the Stamp Valuation Authority has been made for registration of development agreements and the Stamp Duty was charged as per the rate prescribed for agreement and not for any sale or transfer of the land or building or the property its....
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....not raise any object ion regarding the applicability of the provisions of sect ion50C during the assessment proceedings. He has further submitted that the assessee themselves have offered the capital gain by admitting the transfer of the property/capital asset during the year . He has further submitted that the DVO has al ready considered al l the relevant factors attached with the property and thereby valued the property at Rs.1,81,34,749/ - as against the stamp valuing authority valued at Rs.4,73,48,000/ -. He has relied upon the orders of the lower authorities. 8. After considering the rival content ions and relevant record, we find that the aseseee themselves have offered the capital gain against the transfer of the property vide dev....
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....f the contract taken the possessions of the property and has performed or willing to perform his par t of contract , then even the said contract though required to be registered has not been registered and the transfer has not been completed in the manner prescribed therefore by law, the transferor is bar red from enforcing against the transferee any right in respect of the property other than the right expressly provided by the terms of the contract . Under the Income Tax Act , 1961 by inserting Clause (v) to sect ion 2(47), the definition of the term transfer includes the transact ion which fulfills the conditions provided u/s 53A of Transfer of Property Act . Thus, the provisions of Sect ion 53A of Transfer of Property Act does not provi....