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2016 (8) TMI 1087 - ITAT MUMBAINature of receipt in the hands of the assessee - corpus fund received - Held that:- Consideration for which the amount has been paid by the developer are, therefore, not relevant in determining the nature of receipt in the hands of the assessee. In view of these discussion, assessee could not be said to be of revenue nature, and, accordingly, the same is outside the ambit of income under section 2(24) of the Act. The impugned receipt ends up reducing the cost of acquisition of the asset, i.e. flat, and, therefore, the same will be taken into account as such, as and when occasion arises for computing capital gains in respect of the said asset. Subject to these observations, the appeal of assessee is allowed. Compensation received by assessee for paying rent - Held that:- This amount was given by Developer for paying rent while development of the project was taking place. In fact, assessee submitted before me that he has made expenditure of ₹ 6,80,000/- towards rent while development activity of the project was taken place. So, Assessing officer is directed to allow the claim of assessee to same extent because it is nothing but compensation received by assessee for paying rent. This cannot be said to be income of assessee. Assessing Officer is directed accordingly.
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