TMI Blog2017 (6) TMI 338X X X X Extracts X X X X X X X X Extracts X X X X ..... cer for assessing long term capital gains on the amount received by way of sale of development rights would not bound upon the assessee. In the cases relied upon by learned AR, the Coordinate Benches are held that the development rights is acquired by the assessee under the Development Control Regulations and hence sale of development rights is not exigible for capital gain computation. Consistent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransfer of development right is not assessable to capital gain. 2. We have heard the parties and perused the record. The assessee inherited a property consisting of land and super structure in 1963. During the year under consideration the assessee sold development right of ground floor FSI measuring 128.95 square yards in companies named M/s. Golden Nest Builders Pvt. Ltd. and Mansrovar Est.Mg. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that the assessee had acquired development rights due to provisions of Development Control Regulations, 1991. He submitted that the Coordinate Bench has held in the case of Maheshwar Prakash-2 Co-op. Hsg. Society Ltd. Vs. ITO (2008) 24 SOT 366 has held that right to construct additional floor under Development Control Regulations, 1991 was acquired by the assessee without incurring any co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the order passed by the learned CIT(A) and further submitted that the assessee has agreed for the assessment of capital gain. 7. Having heard the rival contentions, we find merit in the submissions made by learned AR. It is well settled proposition of law that there is estoppel against the provisions of law and hence acceptance of the assessee before the Assessing Officer for assessing long ..... X X X X Extracts X X X X X X X X Extracts X X X X
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