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Case Law Details

Case Name : ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai)
Related Assessment Year : 2010-11
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ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai)

Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-op. Hsg. Society Ltd.  has held that in case of sale of FSI/TDR rights by the assessee to the developers which have accrued in favour of the assessee following promulgation of Development Control Rules for Greater Mumbai, 1991 and the said developmental right were generated by the plot itself and there is no cost of acquisition and therefore not liable for any capital gain tax.

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