LTCG vs IFOS

ITAT holds that surplus arising on transfer of booking rights in 'office premises' in a technology park taxable as income from other sources (‘IFOS’) for AY 2009-10, not long term capital gains (‘LTCG’);  Assessee offered surplus as LTCG on the basis that transfer of rights in property happened 3
years after payment of booking money to the builder, and relied on Delhi HC ruling in Ram Gopal;  Rejecting assessee’s stand, ITAT holds that “Mere making of payment by the assessee to the builder, even prior to sanction of the building plan itself, cannot be said to have yielded in a vested right in the assessee to get a property …when there is no property in existence and nor any definite process for the creation of the same has started, …it cannot be said to be even a “property”; Moreover, ITAT observes that at the time of making advance payment itself assessee was aware that office premises can be used only for IT activities, while assessee was not into IT business; Concludes that  assessee had no intention either to buy the said office premises or to get its possession and“assessee had been offered the amount of interest/profit on the finances provided by the assessee to the builder”, therefore upholds Revenue’s action in taxing surplus as IFOS : Mumbai ITAT