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TMI Blog2025 (4) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... p; For the Respondents: Mr. K.K. Nalamwar, Advocate. 1. On 11.12.2024, while issuing notice we have recorded the following position. "1. Heard Mr. A.A. Naik, Senior Advocate for the petitioner. 2. The petition questions the notice dated 24.7.2024 (Page 120), by which the petitioner has been asked to pay the amount of tax as ascertained upon the transaction as contemplated by the agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... G.S.T. as all that the clause indicates is a service supplied by any person by way of transfer of development rights or FSI for construction of a project by a Promoter. Prima face, on perusal of the agreement dated 7.1.2022 would indicate that it has nothing to do with supply of any TDR, which is defined under Regulation 11.2 of the Unified Development Control and Promotion Regulations for the St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A perusal of the language of entry 5B, above would indicate, that it relates to services which can be said to be supplied by any person by way of transfer of development rights or Floor Space Index (FSI) [including additional FSI] for construction of a project by a promoter. The expression "transfer of development rights" read in conjunction with 'FSI' as indicated in entry 5B, would only relate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be appropriated by the developer. 5. In the instant case, the agreement dated 07.4.2022 (page 27) is an agreement of development entered into between the petitioner and the land owner, in terms of which, the petitioner, has been granted right to develop the property in question by utilizing its present FSI or any increases thereof. Mr. Naik, learned Senior Counsel, upon instructions, submits, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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