terms of JDA to THDC/HASH and also handed over
the physical vacant possession of the property to THDC/HASH,
therefore, the assessee became liable ... rate as per which HASH is liable to
buy from THDC. It is a clear indicative of the value of flat,
devoid of any special
taxed then value of the flats
cannot be taken at Rs.4500/- per sq.feet. In view of agreement
between HASH and THDC consideration ... terms of JDA to THDC/HASH
and also handed over the physical vacant possession of
the property to THDC/HASH, therefore, the assessee
became liable
taxed then value of the flats
cannot be taken at Rs.4500/- per sq.feet. In view of agreement
between HASH and THDC consideration ... terms of JDA to THDC/HASH
and also handed over the physical vacant possession of
the property to THDC/HASH, therefore, the assessee
became liable
agreement. The value of flat is determined at
Rs.1,01,25,000/- by taking value of flat at Rs.4500 ... cash amount receivable by the assessee
and value of the flat. The AO considered the value of the flat
Tata Housing Development Company Ltd.
('THDC'), Mumbai according to which Hash was required to make
monetary payment to the assessee and THDC ... into consideration the
amount receivable as per agreement from 'Hash' and notional value of the,
'to be constructed flats'. Apart from
Society Ltd., Hash Builders Pvt. Ltd., Chandigarh (HASH) and Tata
Housing Development Company Ltd. (THDC). Under the JDA, it was
agreed that HASH and THDC ... crores received as adjustable advance
to be disbursed by THDC through Hash to each individual member of
the society, and different amounts and flats were payable
full value of the consideration received as
accruing as result of the transfer of the capital asset. In this case the
full value of consideration ... view that the value of flat was to be taken as part of
the full value of the consideration for computing the capital gains
Society Ltd., Hash Builders Pvt.
Ltd., Chandigarh (HASH) and Tata Housing Development
Company Ltd. (THDC). Under the JDA, it was agreed that
HASH and THDC ... society. The agreed consideration was to be disbursed by
THDC through HASH to each individual member of the society,
and different amounts and flats were
erred in upholding the action of the Assessing Officer in estimating the
value of flat."
3 Ground No. 1 - After hearing both the parties ... Building Society Ltd. had entered
into a tripartite joint development agreement with Hash
Buildlers Pvt Ltd (in short Hash) and Tata Housing
Development
village Kansal and had entered
into an agreement with TATA and HASH for sale of land), had
received Rs. 32 Lacs as consideration ... land in the return of
income originally filed and the correct value of capital gain had
not been declared. As the full value of consideration
