https://www.taxtmi.com/caselaws?id=71323 Transfer of development rights under a development agreement triggers a deemed transfer for capital gains when the developer receives possession and effective control in part performance of the contract and is willing to perform its obligations. Subsequent disputes do not undo that transfer for tax purposes. A value adopted in wealth-tax proceedings need not bind capital gains computation where a more appropriate fair market value supports a higher cost base. Capital gain accruing in the year of transfer cannot be assessed again in a later assessment year, as this would duplicate taxation of the same income. en-us Mon, 24 Nov 2008 00:00:00 +0530 Tue, 07 Nov 2023 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71323 Transfer of development rights under a development agreement triggers a deemed transfer for capital gains when the developer receives possession and effective control in part performance of the contract and is willing to perform its obligations. Subsequent disputes do not undo that transfer for tax purposes. A value adopted in wealth-tax proceedings need not bind capital gains computation where a more appropriate fair market value supports a higher cost base. Capital gain accruing in the year of transfer cannot be assessed again in a later assessment year, as this would duplicate taxation of the same income. Case-Laws Income Tax Mon, 24 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71323