Capital Gains Tax of ₹2.28-Crore was set aside on Housing Society for developer payments to members

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...