2015 (10) TMI 1394

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....5,75,593/- on sale of shares. She claimed exemption from tax on the said amount under section 54F of the Act on the plea that she had purchased a residential flat at JVPD. The Assessing Officer (hereinafter referred to as the AO) noted from the transfer deed that the assessee had acquired "transferable tenancy rights" and not the "ownership" of the flat. The assessee was referred to as a tenant in the deed of transfer and not as purchaser of the flat. After referring to certain clauses of the deed in question, the AO held that the agreement in question was for the acquisition of tenancy rights and not for the purchase of residential house on ownership basis. He therefore disallowed the claim under section 54F of the Act. 3. The Ld. CIT(A....

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....t and transfer in the property in question. The said lessee Smt. Madhukanta Bhogilal Shah along with other occupants entered into development agreement with a developer for construction of additional floors/flats on the property in question. Under the said agreement, the said Smt. Madhukanta Bhogilal Shah agreed to grant the tenancy rights in respect of certain flats to the persons to be nominated by the developer upon the completion of additional floors on the existing building. The assessee has purchased rights in one of the flats from the developer, which under the agreement were allotted to him for selling to the intended purchasers. The assessee has paid a sum of Rs. 78,10,001/- as consideration/premium to the developer for obtaining t....