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Tax on Compensation received from Builder under Redevelopment agreement
Case Law Details
- Case Name
- Rajnikant D. Shroff Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Mumbai
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Rajnikant D. Shroff Vs ACIT (ITAT Mumbai)
Undisputedly, the assessee is a member of a society owning a building. The society has entered into an agreement with a developer for development of a new building after demolishing the old building. As per the terms of the agreement, the developer has to provide a flat along with parking space to each of the member without charging any cost. As per the terms of agreement the developer is to construct the building by utilising area not exceeding 100% of the plot. However, as per the agreement, the developer was authorised to construct 100% more after...
