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Commissioner of Income Tax Versus Kailash Jyoti, Pushpendra J. Mehta & Ors., Shankar Mahal Premises CHS Ltd., M/s. Maheshwar Prakash

2015 (11) TMI 400 - BOMBAY HIGH COURT

Transfer of Development Rights (TDR) - Chargeability to capital gain - whether acquisition of TDR (additional FSI) would amount to capital gains in the case at hand? – Held that:- Only that which was capable of acquisition at a cost would be included within the provisions pertaining to the head “Capital gains” as opposed to assets in the acquisition of which there was no cost at all. As in the present case, the situation was that the FSI/TDR was generated by the plot itself. There was no cost of .....

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r for the Appellant Mr. Atul K. Jasani for the Respondent ORDER P.C. : 1. In these five appeals there are common questions involved although the questions have variations. The core issue is whether acquisition of TDR (additional FSI) would amount to capital gains in the case at hand. We would refer to the facts in Income Tax Appeal No.1607 of 2013 in which revenue has proposed the following questions : 6.1 Whether on the facts and in the circumstance and in law the Hon'ble ITAT was justified .....

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Co-operative Housing Society which entered into an agreement dated 1st November, 2004 with one M/s.Mohta Capital Services Pvt. Ltd. for raising additional four floors upto 8th floor from 4th floor which formed part of the society's building. In terms of the agreement the developers agreed to pay a sum of ₹ 700/- per sq. ft. for the additional FSI/TDR consumed for construction from 4th floor to 8th floor. The society received a sum of 1,62,60,756/-. The undisputed facts are that in res .....

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e Assessing Officer. The appeal was allowed. Being aggrieved the revenue preferred an appeal before the Tribunal and the Tribunal in its order dated 12.3.2010 concluded that the assessing officer's action for bringing the income under head of capital gains was not wrong and it was in accordance with the provisions of section 242 of the Income Tax Act, 1961 and Transfer of Property Act. It is in these circumstances that the present question has been referred to us. 4. We find that the issue a .....

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