TMI Blog2008 (6) TMI 382X X X X Extracts X X X X X X X X Extracts X X X X ..... his appeal filed by the Revenue is against the order of CIT(A)-XX, Mumbai, dated 2-5-2005 relating to assessment year 2003-04 and arises out of the assessment completed under section 143(3) read with section 148 of the Income-tax Act, 1961. 2. The only issue raised by the revenue in its appeal is against the computation of capital gains. 3. Mr. Manish Mishra, Departmental Representative ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty with the developer for the assignment of the TDR and construction of additional floors in respect of each flat owned by the respective parties. The benefit of the additional TDR was derived and enjoyed by the members of the assessee society and no consideration whatsoever was received by the assessee society for the assignment of the TDRs and for carrying out the repairs of the building and con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he society but the plot of land was not transferred to the society. Certain repairs and redevelopment of the flat had to be undertaken and an agreement was written between the assessee society and the developer for the repairs of the building and for construction of additional floors in the flats of individual flats owned by the members of the society. An agreement was entered into between the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has been held by the Mumbai Bench of Tribunal that there is no question of taxability of receipt on account of sale of additional floor space index received by the assessee by virtue of transfer of TDRs under the Development Control Regulation for Greater Mumbai, 1991. The Mumbai Bench of Tribunal in Jethalal D. Metha s case ( supra ) vide order dated 27-1-2005 had held that the receipt on s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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