Tax on Compensation received from Builder under Redevelopment agreement

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 wa

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