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
developer,that in terms of the supplement agreement to the original
development agreement the developer was to acquire at its own cost additional TDR,that ... Developer of all development rights including those to be acquired by the Developer at its
own, cost by way of Externally Procured TDR as therein
TDR and such sale of TDR was credited to the profit and loss
account. The issue is whether the sale of TDR was "attributable ... derived from" developing and building housing
project.
TDR stands for Transferable Development Rights. Development
Control Regulation (DCR) 34 states that under certain
circumstances
TDR for land Parcel - III).
(xiii) After conveying the above three Land Parcels to SRA,
the petitioners were granted TDR called as Land TDR ... which stipulates that "(iv) The Developer will be entitled to
transfer or assign the FSI, TDR and / or DRC which may
become available
TDR for land Parcel - III).
(xiii) After conveying the above three Land Parcels to SRA,
the petitioners were granted TDR called as Land TDR ... which stipulates that "(iv) The Developer will be entitled to
transfer or assign the FSI, TDR and / or DRC which may
become available
assessee is eligible to get 51% saleable area from the developer.
Further TDR (transferrable development rights) could be purchased and loaded
on the property which ... matter. Further, as per the development agreement, the
developer would bring TDR in order to increase the FSI. Since the assessee
was getting
Kamanwala
Lakshchandi Todays Developers, indicates that M/s. Kamanwala
Lakshchandi Todays Developers has purchased TDR directly from
Eversmile Construction Co. Ltd., therefore, there ... assessee company to purchase TDR and transfer the
same to M/s. Kamanwala Lakshchandi Todays Developers as
5
Victoria Systems P. Ltd,
ITA no.2494
construction of slum
rehabilitation buildings, the company was allotted TDR/FSI. The
appellant had sold TDR/FSI and received consideration. On this
consideration, the appellant ... Authority on 19.10.2004 and the
appellant had developed the slum as per the notification and
received TDR amount as consideration. The appellant had sold
these
received was for merely granting consent to consume TDR purchased by the developer from
a 3rd party. The society continued to be the owner ... compensation of Rs.3,02,16,828/-for
granting the developer the right to develop the property which is clearly taxable as per
provisions
