2015 (12) TMI 1124

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....rder dated 26th July, 2013 of the ITAT whereby the assessee's appeal was allowed. The assessee was incorporated during assessment year 2008-09 on 1.8.2007. Out of its 50,000/- shares, 49,940 shares were directly held by M/s Unitech Ltd. The balance 60 shares were also held beneficially by it. The assessee purchased 19.559375 acres of land situated in Village Naurang Puri,Tehsil and Dt.Gurgeon for....

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....ble and in the alternative claimed expenses incurred by it had to be deducted and only the balance can be taxed. The AO rejected the claim; the order was upheld by the CIT (A). The ITAT in its impugned order discussed the nature of the transaction as well as various heads of expenditure. It rejected the claim that the sale purchase of the development rights were not taxable, but was of the opinio....

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....ual figures, can be disregarded altogether or even partially and the gross amount received for the sale can be brought to tax and could not suggest an alternative method to determine the profits. We notice that the ITAT had relied upon previous ruling of this Court in J M Wire Industries V. CIT (ITR 96/1989 dated 15.7.2010). The Tribunal was of the opinion that when development rights are transfe....