2019 (4) TMI 1121

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..... :­ 1. This Appeal is filed by the Revenue challenging the Judgment of the Income Tax Appellate Tribunal. The following question is presented for our consideration : "Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was correct in including the TDR/FSI value into the computation of capital gain provided the assessee had merely transfered rever....

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.... be that sub­section (2) of section 55 clause (a) having been amended, there is a stipulation with regard to the tenancy rights. However, even in the case of tenancy right, the view taken by the Hon'ble Supreme Court, after the provision was substituted w.e.f. 1st April, 1995, is as above. The further argument is that the tenancy rights now can be brought within the tax net and in the pres....

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.... and relying upon its order passed in two other cases that what the Assessee sold was TDR received as additional FSI as per the D. C. Regulations. It was not a case of sale of development rights already embedded in the land acquired and owned by the Assessee. The Tribunal's conclusion and further to be found in para 11 is based on its view taken in the case of New Shailaja Co­operative Hou....