The Commissioner of Income-tax­-19 v. Land Breeze Co­operative Housing  Society Limited
[Citation -2015-LL-0311-116]

Citation 2015-LL-0311-116
Appellant Name The Commissioner of Income-tax­-19
Respondent Name Land Breeze Co­operative Housing  Society Limited
Relevant Act Income-tax
Date of Order 11/03/2015
Assessment Year 2007-08
Judgment View Judgment
Keyword Tags cost of acquisition • capital gain tax • housing society

IN HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.334 OF 2013 Commissioner of Income Tax 19 .. Appellant. V/s. Land Breeze Co operative Housing Society Limited .. Respondent. Mrs. S. V. Bharucha, for Appellant. Mr. M. Subramanian i/b. Mr. V . S. Hadade, for Respondent. CORAM: M.S.SANKLECHA, & G.S.KULKARNI, JJ. DATE : 11th MARCH, 2015. P.C: This Appeal under Section 260 of Income Tax Act, 1961 (the Act), challenges order dated 14th September, 2012 passed by Income Tax Appellate Tribunal (the Tribunal) for Assessment Year 2007 08. 2 Revenue has formulated following questions of law for our consideration: (a) Whether on facts and in circumstances of case and in law, Tribunal was correct in holding that receipt arising on transfer of TDER are not taxable under head 'Capital Gains'? (b) Whether Tribunal was justified in law in allowing appeal of assessee by holding that there was no cost of acquisition of TDR and thereby not subjecting sum of Rs.10,70,46,274/ to Capital Gain Tax holding that receipt arising on transfer of TDR are not taxable in hands of society? S.R.JOSHI 1 of 2 ::: Uploaded on - 13/03/2015 ::: Downloaded on - 13/05/2017 11:15:49 ::: itxa-334-2013 (c) Whether tribunal was correct in holding that there is no cost of acquisition receipts cannot be subjected to tax ? 3 Mrs. Bharucha, learned Counsel appearing for Revenue very fairly states that questions as formulated by Revenue stands concluded against Revenue and in favour of Assessee by decision of this Court in CIT v/s. Sambhaji Nagar Co operative Housing Society Ltd. 370 ITR 325. 4 In view of above, questions as formulated by Revenue do not raise any substantial question of law. 5 Accordingly, Appeal dismissed. No order as to costs. (G.S.KULKARNI,J.) (M.S.SANKLECHA,J.) S.R.JOSHI TheCommissionerofIncome-tax-19 v. LandBreezeCooperativeHousing SocietyLimited
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