1 itxa3179-09 sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.3179 OF 2009 The Commissioner of Income Tax, Central-1, Mumbai ..Appellant. V/s. M/s. Chembur Trading Corporation ..Respondent. Mr. Suresh Kumar i/b. Ms. Padma Divakar for the appellant. Mr. Atul K. Jasani for the respondent. CORAM : J.P. DEVADHAR AND K.K. TATED, JJ. DATED : 14TH SEPTEMBER, 2011 P.C. :- 1. Whether the amount received on the sale of Transfer of Development Right (TDR) is assessable in the year in which it is received or it is liable to be assessed in the year in which the project was completed, is the question raised in this appeal. 2. It is not in dispute that the assessee on completion of the project has offered the income received on sale of TDR in the subsequent year AY 2008-09 and the same has been duly assessed. In these circumstances, sustaining the addition in the assessment year in question does not arise. Consequently, deleting addition of amount received by the assessee on transfer of TDR in the year 2002-03 by the ITAT cannot be faulted. Accordingly, the appeal is dismissed with no order as to costs. K.K. TATED, J.) (J.P. DEVADHAR, J.)