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CESTAT held that the consideration for transfer of transferable development rights (TDR) constitutes income from sale of development rights and falls within the ambit of Section 65(B)(44), but such TDR amounts to an interest in immovable property and thus attracts the exclusion in Section 65(B)(44)(a)(i); the tribunal found the collaboration agreement evidenced an ultimate transfer of land/title, placing the transaction outside the levy of service tax. The impugned assessment/order was quashed and the appeal allowed, with no requirement to adjudicate remaining contentions.
CESTAT held that the consideration for transfer of transferable development rights (TDR) constitutes income from sale of development rights and falls within the ambit of Section 65(B)(44), but such TDR amounts to an interest in immovable property and thus attracts the exclusion in Section 65(B)(44)(a)(i); the tribunal found the collaboration agreement evidenced an ultimate transfer of land/title, placing the transaction outside the levy of service tax. The impugned assessment/order was quashed and the appeal allowed, with no requirement to adjudicate remaining contentions.
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