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2021 (9) TMI 99 - ITAT MUMBAIIncome in hands of assessee - transfer of land to SPV - assessee was used as a SPV (Special Purpose Vehicle) for the construction of “LodhaSupremus‟ on its own land - HELD THAT:- As relying on assessee's own case 2020 (12) TMI 116 - ITAT MUMBAI] and [2018 (8) TMI 2006 - ITAT MUMBAI] assessee was used as a SPV (Special Purpose Vehicle) by SNCML for the construction of ‘LodhaSupremus’, which is more likely a Cooperative Society carrying out work for and on behalf of its members out of the cost met by them and no profit could arise in the hands of SPV. Thus, the additions were rightly deleted by Ld. CIT(A) Addition on account of capital gain - sale of godown - HELD THAT:- As relying on assessee's own case 2020 (12) TMI 116 - ITAT MUMBAI] and [2018 (8) TMI 2006 - ITAT MUMBAI] assessee was merely holding the godown right as an investment in its books of accounts, the cost of such right was in fact forming part of the project cost (Inventory) in the books of SNCML since the project “Lodha Supremus” was owned and developed by SNCML.assessee was merely holding the godown right as an investment in its books of accounts, the cost of such right was in fact forming part of the project cost (Inventory) in the books of SNCML since the project “Lodha Supremus” was owned and developed by SNCML - Since, there is no conversion of capital asset into stock-in-trade and there is no transfer of such right by the assessee-company since it has not sold any units of “Lodha Supremus”, as all the sales is recognized and taxed in SNCML, there is no question of any taxability in the hands of the assessee. - Decided against revenue.
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