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Capital Gains Tax of ₹2.28-Crore was set aside on Housing Society for developer payments to members
Case Law Details
- Case Name
- Colombia Co-operative Housing Society Limited Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Colombia Co-operative Housing Society Limited Vs ITO (ITAT Mumbai)
Conclusion: Addition of ₹2.28 crore made as long-term capital gains in the hands of the assessee society was deleted in full as amount paid by a developer directly to individual members of a co-operative housing society pursuant to redevelopment cannot be taxed as capital gains in the hands of the society, particularly when the society itself never received the amount.
Held: Assessee, a co-operative housing society registered under the Maharashtra Co-operative Societies Act, 1960, appealed against the order of the NFA...
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