Charitable society selling its land below guideline value and applicability of section 50C

Facts: 

Assessee a charitable society sold its land below the guideline value. It was the case of the revenue that section 50C be applied on the same thereby the difference between the guideline value vs. the sale value was added back. On appeal CIT(A) held that since assessee was assessed as a charitable society under section 11 of the Act, section 50C cannot be applied. On higher appeal by the revenue.

Held in favour of the assessee that section 50C cannot be applied for a charitable society claiming exemption under section 11.

Case: DCIT v. Spiritual Regeneration Movement Foundation of India 2023 TaxPub(DT) 147 (Del-Trib)

Applied:

ACIT v. The Upper India Chamber of Commerce in I.T.A. No. 601/Lkw/2011, dated 5-11-2014

ACIT v. Dwarikadhish Temple Trust, Kanpur, in I.T.A. Nos. 256 & 257/Lkw/2011, dated 21-8-2014 : 2015 TaxPub(DT) 1739 (Luck-Trib)