Redevelopment agreement and receipt of consideration as corpus contribution

Facts:

Assessee was part of a cooperative housing society which went into a redevelopment agreement arising out of which monies were payable by the builder to the society as corpus contribution. This was held to be taxable by the lower tax authorities. On appeal the DRP upheld the addition. On further appeal -

Held in favour of the assessee that the corpus contribution cannot be taxed in the hands of the assessee as it was not a consideration to the assessee.

Applied:

Lawrence Rebello v. ITO, in [ITA No. 132/Ind./2020, dt. 29-09-2021] : 2021 TaxPub(DT) 5718 (Ind-Trib)

Ed. Note: Reference be made to section 45(5A) and the amendment made to the said section vide Finance Act, 2023 "wherein by any other mode" is now inserted to expand the scope of the said section. 

Case: Narayan Devarajan Iyengar v. ITO 2023 TaxPub(DT) 2555 (Mum-Trib)