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2012 (6) TMI 383 - AT - Income TaxChallenging the validity of assessment u/s 143 (3) r.w.s 147 – Held that:- A survey u/s 133A revealed that a sum on account of sale of TDR was received by the assessee during the year under consideration, since profit arising from the sale of said TDR was not declared by the assessee in its return of income, the AO conclusion to reopen the assessment as such profit representing income of the assessee chargeable to tax under the head “Capital Gains” has escaped the assessment is valid – in favour of revenue. Exemption on account of profit arising from sale of TDR – Held that:- Considering the New Shailaja Cooperative Housing Society Ltd. case there being no cost of acquisition that could be assigned to the TDR no capital gain arising from transfer of the said TDR could be brought to tax – what assessee sold was TDR received as additional FSI as per the Rules of the Development Control Regulations Agreement, 1991 and it was not the case of sale of development rights already embedded in the land acquired and owned by the assessee - in favour of assessee.
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