Case Law Details
Case Name : Commissioner of Income-tax-21 Vs Jai Hind CHS Ltd. (Bombay High Court)
Appeal Number : I T Appeal No. 6057 OF 2010
Date of Judgement/Order : 21/03/2012
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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HIGH COURT OF BOMBAY
Commissioner of Income-tax-21
V/s.
Jai Hind CHS Ltd.
I T APPEAL NO. 6057 OF 2010
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My querry is: A owns a piece of land in Urban Area (inherited from ancestor). As per the new town planning he gets an additional FSI & hence from a plt size of 5000 sq. ft.he constructs & exchanges the new construction of 5000 sq. ft. with his old tenants & an additional 10000 sq. ft. constructed is sold on ownership basis (out of additional FSI received)
Under the provision of Income Tax & Maharashtra VAT whether this additional 10000 sq.ft. will be liable to any tax. Also as a developer will he be subjected to Service Tax? Kindly clarify & guide.