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The Tax Publishers2008 TaxPub(DT) 2069 (Mum-Trib) : (2008) 118 TTJ 0199 : (2008) 012 DTR 0396 ITO v. Lotia Court Co-Op. Housing Society Ltd.
Income Tax Act 1961
Income - Chargeability -Capital gains on transfer of TDR
Held :Where assessee-housing society received certain TDR from MCD as per which additional floors could be constructed on existing building and said right to receive TDR was assigned to a builder by members of society for purpose of repairing said building, assignment of TDR to developer and, in turn, additional floors to be constructed and also repairs/renovation of building to be carried out, did not entail accrual of any income in hands of assessee-society, which was not owner of plot, or for that matter accrual of capital gains.
Income Tax Act 1961 Section 4
Case Law Analysis:Jethcdal D. Mehta v. Dy. CIT in ITA No. 672/Mum/2000
Decision: In favour of assessee. A.Y : 2003-04
ITO v. Lotia Court Co-Op. Housing Society Ltd.
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