1986 (4) TMI 89

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....ts at Versova. Certain lands belonging to this firm were acquired by the Bombay Municipal Corporation and kept them in reserve for public purposes. In order to compensate Tejumal Hermraj & others, the Bombay Municipal Corporation authorised the firm to utilise and appropriate pertaining to the acquired plots in other building to be constructed by the firm. Additional FSI allowed for the above reason was 2,52,300 sq. ft. However, the Municipal Corporation placed certain restrictions in the utilisation of the additional FSI by the firm. As the firm deed not have any project on hand, the FSI was distributed amongst the partners of the firm. To the share of the assessee, the FSI so received was 32,250 sq. ft. 3. The assessee became partner o....

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.... transfer is not permitted, it cannot be said that the right has no value. Contributing 16,500 sq. ft. of FSI to Mahavir Corporation as his capital, the assessee has derived an interest in the firm. The firm gave credit by a sum of Rs. 1,50,000 in consideration of the FSI contributed. In the subsequent year also, he contributed as capital to two other firms (Everst Enterprises & Shiv Om Corporation) and for the purpose of contribution the FSI had been taken at Rs. 20 per sq. ft. We, therefore, reject the first contention of the assessee that the FSI has no value. 8. Turning to the rate, it was not proper for the assessee to have adopted different rates for different parts of the total FSI. For 13,250 sq. ft. he adopted value of Rs. 20 pe....