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No Capital Gain on transfer of FSI credit by way of TDR if cost could not be ascertained
Case Law Details
- Case Name
- ACIT Vs. Ishverlal Manmohandas Kanakia (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006- 07
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs. Ishverlal Manmohandas Kanakia (ITAT Mumbai)– The issue raised by the Assessee is that while computing capital gain cost of improvement should also be capable of being determined. The dispute in the case decided by Tribunal in the case of Jethalal D.Mehtha (supra) and Maheshwar Prasad-2 CHS Ltd. (supra) was while computing capital gain cost of acquisition of the capital asset was not capable of determination.
As per the law laid down by the Hon’ble Supreme Court in the case of B.C.Srinivasa Shetty (supra) both cost of acquisition and cost of improvement should be capable be...
The issue raised The judgement of Tribunal in case of Jethalal D.Mehtha has been admiited by Bombay High court . the issue is pending before Bombay High court