newly developed building.
In effect the whole arrangement by way of this development is to enable the
developer to bring in marketable TDR ... capable of receiving
Transfer of Development Rights (TDR). TDR could be obtained by the Developer
13 ITA NO. 5037/MUM/2010
transferrable development rights (TDR). He
observed, the members were the owners of such TDR which were to
be utilised by the developer for development ... sell any TDR to
the developer, on the contrary the developer was supposed to
purchase TDR from outside and load it to the new building
MCGM Though there are two
components of the TDR, namely, the Land TDR and Construction
TDR, they both form an integral and inseparable part ... project. Though
there are two components of the TDR, namely, the Land TDR and
Construction TDR, they both form an integral and inseparable part
TDR (FSI) of 51067 51,067
Parted to Developer - (58%) 29,619
TDR FSI to Assessee - (42%) 21,448
Consideration amount received/receivable ... developer for a specific purpose to
property was given to the developer
develop the property. The amount received was shown as deposit
interest of whatsoever nature over the said TDR
and or portion of the TDR used by the developers on the said property and shall
always ... operate with the developer and shall execute such documents as and
when called upon by the developer for consuming such TDR on the said properly
owners irrevocably
permitting and authorising granting the right to the Developers the
Developers agreed to pay a sum of Rs.11.66 crores ... development rights. Accordingly he entered into an
arrangement with a developer who used TDR on assessee's flat to avail
additional FSI against such
follows :-
"2. The Owners hereby grant to the Developers and the
Developers hereby accept and acquire from the Owners
Development Rights in respect ... TDR is equal to the cost of the land surrendered. However,
such TDR can be utilized on any plot vacant or already
developed
developer to use already 1,200 2,500 30,00,000
available unconsumed FSI
2. For permitting the developer to use TDR ... assessee argued that the
transfer of the right to develop utilised TDR and FSI does not given rise to
capital gains as there
they have also consumed additional
FSI from marketable TDR brought in by the developer. It was observed by the
AO that the valuer has certified ... lakhs for construction of
residential accommodation constructed were by the developers,
that the developer had constructed flats on the area of 763.03 sq.
mtrs. retained
utilized by the developer for construction of the building. The
developer was authorized to use the TDR as per applicable ... case of getting a compensation for loading and developing
TDR by new structure and therefore the proceeds are in the nature of
income from Other
