TaxTMI 
TaxTMI 
2024 (4) TMI 143
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....hority in or around 1961-1962. During Financial Year 2010-2011, Petitioner on behalf of its members entered into a development agreement with one DB M.I.G. (Bandra) Realtors and Builders Private Limited (Developer). The agreement was entered into and registered on 31st October 2010. Due to amendment of the Development Rules from time to time, Petitioner's members were entitled to additional benefits in the form of Floor Space Index ("FSI")/Transferable Development Right. Petitioner, therefore, entered into a supplementary agreement dated 23rd August 2014 with the Developer. The agreement was registered on 29th September 2015. 2. The Revenue reopened the assessment of Petitioner for Assessment Year ("AY") 2011-2012 and passed an order makin....
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.... 28th September 2015. It is alleged as under : "Consequent upon the changes / amendment to the Development Control Regulations vide Govt. notification dated 06.01.2012, the property in possession of the assessee Society, has come to be vested with additional F.S.I. and other beneficial interest arising from the same. Accordingly, to avail of the additional benefits (additional FSI) devolving upon the property, the Society and the Developer modified the Development Agreement dated 31.10.2010 vide the Deed of modification; under consideration, being Development Agreement dated 23.08.2014 which was registered on 28.09.2015. For the purpose of Stamp Duty, the Jt. Sub Registrar has valued the transactional value contained in the document at Rs....
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....ount of amended DCR. To sum up, the Society by virtue of being in possession of piece of land has come to benefit additional F.S.I. on account of amended DCR, which in turn has been transferred to the developer for consideration in the form of constructed area. The value of the asset being F.S.I. has been determined by the Stamp Valuation Authority at Rs. 76,85,46,696/- which has been surrendered by the Society to the developer lieu of constructed area. Hardship Money of Rs. 48,66,78,051/- as per the clause (b) of article 3 of Deed of Modification to Development Agreement (DMDA) dated 31.10.2010 was agreed to be paid in the manner set out in annexure-9 to the agreement. So-called Hardship Money is nothing but part of the sale consider....