Case Law Details
Raj Ratan Palace Co-op Hsg Soc Vs. DCIT (ITAT Mumbai)- The assessee-society had merely given permission to the developer to construct on the society’s land. No part of the land was ever transferred by the society. The Society continued to be the owner of the land and no change in ownership of land had taken place. Mere grant of consent will not amount to transfer of land/or any rights therein. The amount of Rs. 3.02 crores received by the members (on which some of them had paid tax) was not assessable in the assessee’s hands either u/s 2(24) or as capital gains
IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B”, MUMBAI
Raj Ratan Palace Co .Op. Hsg. Society Ltd., Vs. DCIT
ITA NO. 674/MUM/2004(A.Y. 1997- 98)
ORDER
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