BRIJ MOHAN RANBIRSEN MEHRA,MUMBAI vs INCOME TAX OFFICER IT WARD 3(2)(1), MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRYAssessment Year: 2011-12

For Appellant: Shri Himanshu Gandhi, Ld. A.R.

For Respondent: Shri Kiran Unavekar, Ld. Sr. D.R.

Per : Narender Kumar Choudhry, Judicial Member:

This appeal has been preferred by the Assessee against the order dated 26.08.2024, impugned herein, passed by the Ld.
Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) u/s 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y.
2011-12. 2. The Assessee was a member of MIG Co-operative Housing
Society, who vide agreement dated 17.11.2010 had entered into a development agreement with M/s. Keystone Realtors Pvt. Ltd. and Shri Brij Mohan Ranbirsen Mehra

2
Rustomjee Construction Pvt. Ltd. for redevelopment of the society or redevelopment of 40 flats of 5A type building, 40 flats of 6B type buildings and 80 flats of 5D type building and accordingly the developer paid an amount of Rs.112,51,36,000/-. Along with such consideration amount for flats, car parking and other amenities including club house, play area etc. were to be provided to the existing members of the society. The

BRIJ MOHAN RANBIRSEN MEHRA,MUMBAI vs. INCOME TAX OFFICER IT WARD 3(2)(1), MUMBAI