Development rights acquired, not immovable property. Stamp duty value differential not taxable u/s 56(2)(x) as per SC's Seshasayee Steels.

Section 56(2)(x) applies to buyers, while Section 50C applies to sellers. The assessee acquired development rights, not immovable property. Based on the Supreme Court's decision in Seshasayee Steels (P) Ltd, the difference between stamp duty value and actual purchase value is not taxable u/s 56(2)(x) for acquiring development rights. Consequently, the Appellate Tribunal dismissed the revenue's appeal. .....

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