https://www.taxtmi.com/caselaws?id=117686 Transferable development rights constituted a distinct asset arising under development control regulations, separate from the land, building, or municipal approvals connected with the property. Expenditure on acquiring leasehold land, constructing the building, or obtaining approvals could not be treated as the cost of acquiring those rights. Where no ascertainable cost of acquisition exists for the transferred asset, capital gains cannot be charged. Accordingly, consideration received on assignment of transferable development rights was not liable to capital gains tax, and the related addition was deleted. en-us Thu, 27 Jan 2005 00:00:00 +0530 Thu, 16 May 2024 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117686 Transferable development rights constituted a distinct asset arising under development control regulations, separate from the land, building, or municipal approvals connected with the property. Expenditure on acquiring leasehold land, constructing the building, or obtaining approvals could not be treated as the cost of acquiring those rights. Where no ascertainable cost of acquisition exists for the transferred asset, capital gains cannot be charged. Accordingly, consideration received on assignment of transferable development rights was not liable to capital gains tax, and the related addition was deleted. Case-Laws Income Tax Thu, 27 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117686