Case Law Details
Case Name : Commissioner of Income-tax-21 Vs Jai Hind CHS Ltd. (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
MARCH 21, 2012
ORDER
1. This appeal arises from the decision of the Income Tax Appellate Tribunal, dated 6 August 2009. The appeal relates to Assessment Year 2005-06. The Revenue has raised the following question of law:
“Whether on the facts and circumstances of the case and in law, the ITAT is right in upholding the CIT(A) order that the case of the assessee is covered by principles of mutuality and hence, TDR premium received by the Society is not taxable, without app...
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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.