unlimited powers and rights regarding
the land to the developer. The rights of the developer
shall not be curtailed by interpretation by anyone.
(emphasis supplied ... Rights as
discussed in earlier para to the Developer Navratna Properties. The
Navratna Properties i.e.Developer has got right to Mortgage the
impugned property
ITAT-Pune Page 2 of 8
Sai Vishwa Promoters Builders And Developers
ITA No.59/PUN/2020 A.Y. 2009-10
done placing on record ... Vishwa Promoters Builders And Developers
ITA No.59/PUN/2020 A.Y. 2009-10
transferable development rights [for short "TDR"] was
reopened
perused. The
assessee is a builder and developer. The assessee is also engaged in
trading of TDR. The assessee had claimed interest expenditure, legal
para 2, it is mentioned that purchaser
i.e. assessee could develop the said land as per his wish. Further, the
assessee along with Shri ... develop the land and to construct ownership flats, etc. and sell it to different
peoples. He also got right to utilize FSI / TDR
Part) Kondhwa Khurd, Pune which is
carved out separately on site. TDR used is less than 40% of area of
land ... constructed.
8 ITA . Nos. 791 & 792/PN/2008
M/s.Aditya Developers.
A.Y. 2003-04 & 2004-05
Page of 14
In support
other land owners had entered
into sale agreement with the builder and developer in respect of land at Survey
No.268, Bavdhan, Pune admeasuring ... mentions the business
of purchase and sale of TDR apart from the share trading business of the
assessee. The assessee is engaged in the business
case of Haware
Constructions Pvt. Ltd. Vs. ITO reported in 64 TDR 251.
7. Coming to the second proposition the learned counsel for the assessee ... Pune Bench of the Tribunal in the
case of M/s. Tushar Developers Vs. ITO vide ITA No.165/PN2007
having
area of 8164.20 sq.mtrs., the project Harsh Paradise has been
developed. The first layout plan was sanctioned by Pune Municipal
Corporation ... building was sanctioned. The assessee further
tried to purchase transferable development rights (TDR) for
3
construction of remaining floors of H-4 building
assessee was that it had received the said security deposit from the developer
of the plot in order to safeguard themselves against any charges levied ... others reflected that the First Part had contributed
certain lands and also TDR rights and the assessee had contributed the land
that out of the total amalgated area of 4264.10 sq. mts. the developer had to
reserve apportion for the road. There was a question about ... TDR rights granted on acquisition of land area have direct close nexus with the project
and therefore that FSI was utilized by the assessee developer
