Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P verification

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....The principal issue was whether consideration received on account of enhanced FSI/TDR arising from revised DCR 1991 constituted assessable long-term capital gains in the cooperative society or in its individual flat-owner members. Applying the legal distinction between tenant-co-partnership (flat-owners) and tenant-ownership societies and precedents holding that legal/beneficial ownership of flats and related TDRs vests in members, the tribunal held the AO's addition to the society as LTCG untenable and deleted it. Separately, the tribunal remitted the limited issue of a fresh section 80P deduction claim for verification of interest receipts and directed reassessment of the assessee's status as a registered society (not AOP). - ITAT....