Habeas corpus challenge to arrest safeguards remains maintainable, but substantial compliance with reasons-to-believe requirement defeats the petition...
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Consideration received for granting development rights under a redevelopment agreement was treated as capital gains because the payment was directly linked to transfer of valuable development rights, which are capital assets; mere retention of rights in the redeveloped premises did not negate the transfer, and the developer's accounting treatment was irrelevant. As the receipt was referable to transfer of a capital asset, it could not be assessed under the residuary head of income. On that basis, the related exemption for investment in REC bonds was allowed, subject to verification of the statutory conditions.
Consideration received for granting development rights under a redevelopment agreement was treated as capital gains because the payment was directly linked to transfer of valuable development rights, which are capital assets; mere retention of rights in the redeveloped premises did not negate the transfer, and the developer's accounting treatment was irrelevant. As the receipt was referable to transfer of a capital asset, it could not be assessed under the residuary head of income. On that basis, the related exemption for investment in REC bonds was allowed, subject to verification of the statutory conditions.
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