TMI Blog2019 (6) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... following promulgation of Development Control Rules for Greater Mumbai, 1991 and the said developmental right were generated by the plot itself and there is no cost of acquisition and therefore not liable for any capital gain tax. In the present case , the facts are similar to the facts in the case as discussed hereinabove wherein the Hon ble Bombay High Court has held that no capital gain tax is attracted in the case of sale of FSI/TDR, we therefore, respectfully following the same uphold the order of Ld. CIT(A) by dismissing the appeal of the Revenue. - ITA No. 6103/Mum/2017, CO No.49/Mum/2019, (ITA. 6103/Mum/2017) - - - Dated:- 26-6-2019 - SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER For the Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after taking into consideration the contentions and submissions of the assessee by holding that the assessee has allowed the builder to load the FSI/TDR on the plot and thereby has not made any sale of land and building. The Ld. CIT(A) has held that the assessee has permitted the builder load FSI/TDR on the plot and construct the new building for which the assessee has received ₹ 6,00,00,000/-. The Ld. CIT(A) has further held that as the TDR rights have arisen only on account of amendment in DC Regulations 1991 and therefore there is no cost of acquisition and no capital gain tax was attracted. The Ld. CIT(A) also held that since there is no sale of land and building , the provisions of section 50C of the Act were also wrongly invoke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the capital gains. Therefore, the transferable development right which was generated by the property and was transferred under a document in favour of the purchaser would not result in the gains being assessed to capital gains. The Tribunal concluded that what the assessee sold was transferable development right received as additional floor space index as per the 1991 Rules. It was not a case of sale of development rights already embedded in the land acquired and owned by the assessee. The Tribunal found that the assessee had not incurred any cost of acquisition in respect of the right which emanated from the 1991 Rules making the assessee eligible for additional floor space index. The land and the building earlier in the possession of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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