2012 (4) TMI 820

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....1, Thane dated 05.10.2009 for the A.Y. 2006-07. The assessee has taken the multiple grounds but the core issue for our adjudication is the addition made by the A.O. towards sale of the TDR of ₹ 2,67,29,696/-. The assessee is a partnership firm engaged in the construction activity especially Slum Rehabilitation Programme (SRA Scheme) launched by the Government of Maharashtra. In the A.Y. 2006....

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....wn in the Balance-sheet as advance, as admittedly, the Slum Rehabilitation Projects undertaken by the assessee were not completed in the A.Y. 2006-07. The A.O. rejected the explanation of the assessee and brought to tax the entire amount as income of the assessee for A.Y. 2006-07. The assessee carried the issue before the Ld. CIT (A) but without success. The assessee also stated before the Ld. CIT....

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....nd unless the project is completed the receipt generated from the sale of the TDR cannot be brought to tax. He relied on the decision of the jurisdictional High Court in the case of CIT Central I, Mumbai vs. M/s. Chembur Trade Corporation in ITA No. 3179 of 2009 judgement dated 14.09.2011 (unreported) and also the decision of the ITAT Mumbai in the case of ACIT vs. Skylark Building 48 SOT 306 (Mum....