TMI Blog2019 (4) TMI 1121X X X X Extracts X X X X X X X X Extracts X X X X ..... X-18 VERSUS SAMBHAJI NAGAR CO-OP- HSG. SOCIETY LTD. [ 2014 (12) TMI 1069 - BOMBAY HIGH COURT] FSI/TDR was generated by the plot itself. There was no cost of acquisition, which has been determined and on the basis of which the Assessing Officer could have proceeded to levy and assess the gains derived as capital gains. Assessee had not incurred any cost of acquisition in respect of the right whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case and in law, the Hon ble ITAT was correct in including the TDR/FSI value into the computation of capital gain provided the assessee had merely transfered reversionary right in the lease land? 2. We notice that this issue is covered by a decision of this Court dated 11th December, 2014 passed in Income Tax Appeal No.1356 of 2012 in which, the High Court held and o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court, after the provision was substituted w.e.f. 1st April, 1995, is as above. The further argument is that the tenancy rights now can be brought within the tax net and in the present case the asset or the benefit is attached to the property. It is capable of being transferred. All this may be true but as the Hon'ble Supreme Court holds it must be capable of being acquired at a cost or that h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land acquired and owned by the Assessee. The Tribunal's conclusion and further to be found in para 11 is based on its view taken in the case of New Shailaja Co operative Housing Society Ltd. The Tribunal has reproduced that conclusion. The Tribunal's conclusion arrived at in the case of New Shailaja Co operative Housing Society Ltd., is based on the Hon'ble Supreme Court's decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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