Value of FSI and TDR not to be included in Land Value u/s 50C of IT Act

Generally, the provisions of Indian tax laws provide that transfers of immovable property must be at a fair valuation. However, the Income Tax Appellate Tribunal (‘ITAT’), Mumbai Bench, has ruled, in Income-tax Officer v. Shri Prem Rattan Gupta, that the value of TDR and FSI cannot be the subject mattter of section 50C of the Income Tax Act, 1961.