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2016 (7) TMI 750 - HC - Income TaxProfit from the sale of residential units - taxability - non assessability in the hands of assessee as per ITAT - Held that:- We find that both the CIT(A) as well as the impugned order have found that the shares of the respondent-assessee company carry with it right to occupy the premises in the building constructed by the respondent-assessee. In this case, M/s. Calico Associatesone of its shareholders had right to occupy 67 flats in the building constructed by the respondent-asseseee in subject assessment year in its capacity as its shareholder. Both the CIT(A) and the Tribunal have rendered a finding of fact that during the subject Assessment Year, the respondent-asseseee had not sold any asset including any flat. The only sale which took place was of its shares by M/s. Calico Associates i.e. it shareholder. Thus, shares which carry its right to occupy the flats has already been subjected to tax in the hands of the shareholder. Thus, the concurrent findings of fact rendered by the CIT(A) and the Tribunal not being shown to be perverse and/or arbitrary, no interference is called for. The questions as raised before us in respect of impairment of land (use of FSI) was not canvassed before the Tribunal. Therefore, the question as raised does not arise out of the Tribunal's order. In any case, the finding of fact rendered by the CIT(A) that land continues to be owned by the respondent-assessee and there is no transfer of any FSI attached to the land is not shown to be perverse and/or arbitrary. - Decided aainst revenue
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