assessment of the capital gains on sale of the
common plot, which is not the subject matter of assessment
in the hands of the society ... Assessing officer erred in taking the cost
of acquisition of the common plot sold during the year as
Rs. Nil and in consequently calculating long
actual plot Sr. No., the amount received from the sale
of plot No.29 could not be ascertained whether it is an
independent plot forming ... proportion to
their respective size of the plot.
iii. It was submitted that the plots held for common amenities were
from time to time allotted
actual plot Sr. No., the amount received from the sale
of plot No.29 could not be ascertained whether it is an
independent plot forming ... proportion to
their respective size of the plot.
iii. It was submitted that the plots held for common amenities were
from time to time allotted
orders dated 30.12.2009.
2. This is a set of two Appeals raising common issues. The appeals were
accordingly fixed for, and heard together. The brief ... asset, save the plot of land, which is in fact a
common plot (# 7A of Dyavasandra Phase I, Industrial Area), with each company
action of the AO in treating the receipt consequent to sale of plot of
land as business income.With regard to addition made on account ... allowed the appeal of the assessee.He held that sale of common plot by the society was a
capital receipt and had to be taxed
that all the buildings are part of
one common layout on a single plot of land which is of 36,365 sq
mts with ... land under common amenities such as
internal roads, open area, club house, amenities area etc. are
common to all the buildings. There is no-boundary
Home Makers
301/313, 3rd Floor, Perispolis CHS
................ Respondent
Plot no.74, Sector-12, Vashi
Navi Mumbai - PAN - ABAFS3227J
ITA no.5729/Mum./2011
(Assessment ... have
common entrance and both have a single society. He noted, the
Assessing Officer has alleged that assessee has sub-divided the plot
against
objection of the Ld. AO was that housing project
was constructed on plot of land admeasuring 3,200 sq.
meters, and thus, not meeting ... certificate was issued in respect of the entire plot. It was
further shown to us that plot was sub-divided by BMC and
some portion
portion of common land admeasuring 11740 sq. mtrs. Together with right to
consume thereon sanctioned FSI of 14675 sq. mtrs. of Plot B plus
Nutan Laxmi Co-operative Appellant
Housing Society Ltd., Plot No.51,
Jaihind Recreation Club,
N.S. Road No.11,,
JVPD Scheme, Juhu, Mumbai ... assessee
and on similar issue, so they are being disposed of by common
order for the sake of convenience.
2. In ITA No.7203
