held that the
part of common plot of land purchased by the assessee within one
year before the date of transfer of the original asset ... exemption u/s.54F . Investment in the part of the common plot
made before one year from the date of transfer of the original asset
Business Court Project.
5. Plot No. 5 and Plot No 6 are not adjoining or adjacent
plots. Plot No.5 is adjoining the main Mukundnagar ... final
projects constructed on the plot no. 411 are 6 different
sub-plots constitute one plots. In fact, plots marked
project, [refer para
plots
were claimed to have been sold as bungalow plots except Plot No.63,
64 & 65 and all of those three plots ... Assessing Officer has been that the
common layout, having common facility for all the plots, like road,
club house, etc. should be treated
sale price of the plot and the amount of
development charges collected from the plot holder was adjusted against
common development expenses incurred ... cancelled, the owners continue to enjoy such
rights in the plot allotted. It is common knowledge that risk
and rewards are also associated with
assessee also stressed that Manisha
towers was part of common layout which was built on plot area which was more
than 25 acres and while ... projects constructed
during the specified period, on a specified size of the plot with residential units
of the specified size, it cannot be inferred that
G.C. Bafna vs Deputy Commissioner Of Income Tax on 25 February, 2003
Equivalent citations
acre' of the plot of land.
AO excluded certain areas meant for common amenities.
4. During the First Appellate proceedings, the CIT(A) allowed ... that these
decisions are relevant for the proposition that the common areas,
amenities, common roads, area meant for transformer etc., are required
to be included
from the aggregate figures/amounts of column No. 5 in
respect of plot booking/sale including P.D.C. received and
receivable.
Thus this column ... aggregate
amounts receivable in respect of plot booking even though the
sales/possession of the said plot booking were not made and
whereas
2134, Adhishthan,
Central Circle-2(4), s Final Plot No.32B/24,
Pune. Vijaynagar Colony,
Sadashiv Peth,Pune - 411030.
PAN: AAZFS 7254 F
Appellant / Revenue ... VadgaonBudruk, Pune and common layout was got sanctioned.
The plot area was 68900.33 sq.m. The project was one and in
each layout the project
2134, Adhishthan, Final
Central Circle-2(4), Pune. Plot No.32B/24, Vijaynagar
Colony, Sadashiv Peth,
Pune - 411030.
PAN: AAZFS 7254 F
Appellant/ Revenue Respondent ... VadgaonBudruk, Pune and
common layout was got sanctioned. The plot area was 68900.33
sq.m. The project was one and in each layout the project
