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2019 (6) TMI 1459 - AT - Income TaxGain on sale of TDR/FSI development rights - Capital gain on sale of TDR development rights - whether assessee’s rights have been extinguished by sale of said TDR/FSI and fall within the ambit of capital asset under section 2(14) - Determination of cost of acquisition incurred of TDR/FSI - HELD THAT:- Perusing the material on record including the decision of the Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-op. Hsg. Society Ltd. [2014 (12) TMI 1069 - BOMBAY HIGH COURT] wherein as held that in case of sale of FSI/TDR rights by the assessee to the developers which have accrued in favour of the assessee following promulgation of Development Control Rules for Greater Mumbai, 1991 and the said developmental right were generated by the plot itself and there is no cost of acquisition and therefore not liable for any capital gain tax. In the present case , the facts are similar to the facts in the case as discussed hereinabove wherein the Hon’ble Bombay High Court has held that no capital gain tax is attracted in the case of sale of FSI/TDR, we therefore, respectfully following the same uphold the order of Ld. CIT(A) by dismissing the appeal of the Revenue.
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