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
mtrs for development, after
reduction on account of common plot and roads etc. Thus, it was
eligible to construct super built up area
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
portion of the land to provide recreational facilities for the common enjoyment of the plot owners in the project Jade Garden and to such other ... association and take over the maintenance of the common areas. It is pointed out that the plot owners of phase-I have already formed their
business activity.
The reasons for arriving at this conclusion are:
• The plots of land have been acquired at a very nominal price in the
name ... been
systematically shifted to big corporate by charging premium. The
land of common/ ordinary people is compulsorily acquired by the
assessee (AUDA) in the name
Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051. ...... Respondent ... Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051. ...... Respondent
impartible land
underneath measuring 0.174 acres as well as along with common facilities.
Another property was sold for Rs. 54,04,28,000/- admeasuring ... Exim Pvt. Ltd. This plot was measuring 1.219 acres
of land and 134 car parking as well as common facilities. Based on above
there
