2005 (9) TMI 69

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....ts was long-term capital gains and thereby the assessee was entitled to deduction from such gains as per law?" The assessment year is 1985-86 and the relevant accounting period is S.Y. 2040. The assessee, an individual, became a member in Venus Apartments (Galaxy Co-operative Housing Society). He was allotted flat No. G. 8 in the building of the society known as Galaxy Bungalow vide resolution No. 5 dated November 4, 1980, passed by the managing committee of the society. The assessee paid the purchase price of the property in instalments as follows: Amount (Rs.) Date   5,025 11-10-1980 50,000 19-3-1981 25,000 29-7-1981      200 15-11-1981 50,000 21-7-1982 25,000 11-10-1982 On the date of allotment, i....

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....sion of this court rendered in the case of CIT v. Anilaben Upendra Shah [2003] 262 ITR 657. Though served there is no appearance on behalf of the respondent-assessee. In the aforesaid decision in the case of CIT v. Anilaben Upendra Shah [2003] 262 ITR 657 this court has held: "It is thus clear that the member of a co-operative housing society only owns the shares in that society. The right to enjoy, or derive from, any land or building belonging to the co-operative housing society is merely an incidental right flowing from the ownership of the shares. A member of a co-operative housing society cannot sell all his shares in a co-operative housing society and still retain any interest in any property, whether land or building, belonging to ....