https://www.taxtmi.com/caselaws?id=117163 Transfer of the right to construct additional floors in an existing building was treated as transfer of valuable immovable-property rights falling within "property" and therefore a capital asset. The transaction went beyond a bare licence to use the premises, because enforceable rights were extinguished by registered sale deeds. The absence of an immediately ascertainable cost of acquisition did not by itself defeat capital gains tax where the asset could be valued; capital gains were to be computed on proper valuation rather than excluded from the charging provision. The matter was remanded for determination of capital gain after valuation of the transferred rights. en-us Mon, 06 Jan 2003 00:00:00 +0530 Wed, 20 Jun 2012 17:25:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117163 Transfer of the right to construct additional floors in an existing building was treated as transfer of valuable immovable-property rights falling within "property" and therefore a capital asset. The transaction went beyond a bare licence to use the premises, because enforceable rights were extinguished by registered sale deeds. The absence of an immediately ascertainable cost of acquisition did not by itself defeat capital gains tax where the asset could be valued; capital gains were to be computed on proper valuation rather than excluded from the charging provision. The matter was remanded for determination of capital gain after valuation of the transferred rights. Case-Laws Income Tax Mon, 06 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117163