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TMI Blog2015 (11) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... tion at a cost would be included within the provisions pertaining to the head “Capital gains” as opposed to assets in the acquisition of which there was no cost at all. As in the present case, the situation was that the FSI/TDR was generated by the plot itself. There was no cost of acquisition in any of the appeals before us. Accordingly, following the view taken in Sambhaji Nagar Co-operative Hou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he following questions : 6.1 Whether on the facts and in the circumstance and in law the Hon'ble ITAT was justified in holding that the assessee had incurred no cost on acquisition of TDR of additional FSI ? 6.2 Whether on the facts and in the circumstance, and in law the Hon'ble ITAT was justified in holding that there was no liability to assessee under the head 'Capital Gains& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1991, the society did not have to pay any amount towards acquisition of those rights and no part of the original cost of land vested in the society could be attributed to the FSI that was available. The assessing officer completed the assessment on 22nd December, 2009 assessed to income of ₹ 1,62,63,428/-. 3. The assessee being aggrieved preferred an appeal to the Commissioner of Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... society had acquired the land in question which was owned by the Assessee society and as a result of transfer of development rights and execution of the documents in favour of purchaser therein, the society received a sum of ₹ 2,23,25,157 which was added by the Assessing Officer to the total income of the assessee to be chargeable to tax as income under the head Long Term Capital Gains . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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