{"id":41579,"date":"2024-04-25T11:18:34","date_gmt":"2024-04-25T05:48:34","guid":{"rendered":"https:\/\/itatonline.org\/digest\/sunil-pran-sikand-v-acit-bom-hc-www-itatonline-org\/"},"modified":"2024-10-22T14:39:18","modified_gmt":"2024-10-22T09:09:18","slug":"sunil-pran-sikand-v-acit-bom-hc-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/sunil-pran-sikand-v-acit-bom-hc-www-itatonline-org\/","title":{"rendered":"Sunil Pran Sikand v. ACIT  (2024)466 ITR 770 \/164 taxmann.com 751  ( Bom)( HC) www. itatonline.org"},"content":{"rendered":"<p>The Asessessee \u00a0has purchased a land at Khar Mumbai , vide Deed of Conveyance dated August 28, 1956. He constructed a bungalow consisting of ground floor and first floor. Vide agreement dated September 29, 1992 the assessee executed an agreement for redevelopment with Gokul Construction Co . As per the agreement the assessee received an amount of Rs. 1.55 Crores in FY. 1993-94 and offered the same as long term capital gains \u00a0for tax in AY .1994-95. \u00a0By exchange of Letter dated September 29, 1992 the Developers has agreed to \u00a0\u00a0pay \u00a0additional amount to the assessee Rs. 1,000 per square foot of TDRs that would be utilized . In the year 2016 &amp; 2017 the Developer has paid 1,00,92,750 for loading TDR in the building . The assessee \u00a0has offered the said amount as long term capital gains . The Assessing Officer assessed the said receipt as income from other sources . The order of the Assessing Officer \u00a0was \u00a0affirmed by the CIT(A) and Tribunal . On appeal to the High Court ,allowing the appeal \u00a0the Honourable \u00a0Court held that development agreement and the commitment letter should be read as one agreement and should be considered as payment under the development agreement itself .The stand of the assessee offering the said \u00a0receipt as long term capital gains is affirmed . \u00a0The petitioner has also raised additional substantial \u00a0question law \u00a0before the Honourable High Court \u00a0relying on the judgement of \u00a0\u00a0CIT v. Sambhaji Nagar Co -operative Society Ltd (2015) 370 ITR 325 ( Bom)(HC) and\u00a0 CIT v. Maheswari Prakash -2 Co -Operative Housing Society Ltd (ITA No 2346 of 2009 dt. 24 -4 -2015 )( Order of Tribunal\u00a0 Maheswari Prakash -2 Co -Operative Housing Society Ltd v. ITO (2009) 118 ITD 223 (Mum)( Trib), \u00a0\u00a0\u00a0\u00a0which reads as under <strong>\u201c Whether on the facts and in the circumstances of the case , as the assessee had not incurred any cost to acquire the additional \u00a0FSI ,the amount of Rs , 1,00, 17,750 \/ received from the developer is not taxable ?\u201d.<\/strong><\/p>\n<p>Revenue \u00a0contended that the issue raised in the additional \u00a0substantial question of law was not argued before the Income tax Appellate Tribunal hence \u00a0the Court should not frame the substantial question of law proposed . Honourable High Court has admitted the substantial question of law . At the time of hearing the petitioner has not pressed the question no 2 which was originally framed \u00a0and question no 3 which was later framed . ( ITA No . 259 of 2003 dt 23 -2. 2024 , ITA No. 259 of 2003 dt 19-4- \u00a02024 )(AY. 1997 -98 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 45: Capital gains \u2013 Consideration received for subsequent  granting of  development as per the commitment letter for granting permission  to right for uploading TDR is assessable as long term  capital gains and not as income from other sources \u2013 Substantial question of law raised first time  before the Honourable High  in an appeal filed by the assessee is  admitted  by the Honourable High Court .  [ S. 56 , 260A ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-41579","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aOD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=41579"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41579\/revisions"}],"predecessor-version":[{"id":47339,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41579\/revisions\/47339"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=41579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=41579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}