https://www.taxtmi.com/caselaws?id=117686 Transferable development rights are a distinct regulatory entitlement, separate from the underlying land or building, and their assignment is not taxed as capital gains where no ascertainable cost of acquisition can be identified. Expenditure on the leasehold plot, construction, or municipal approvals cannot be treated as the cost of acquiring those rights, because the rights arise under the development control regulatory scheme rather than from that expenditure. The article notes that the principle against charging capital gains on an asset with no identifiable acquisition cost was applied, and the prior special bench view relied on by the revenue was regarded as no longer sustainable. 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 are a distinct regulatory entitlement, separate from the underlying land or building, and their assignment is not taxed as capital gains where no ascertainable cost of acquisition can be identified. Expenditure on the leasehold plot, construction, or municipal approvals cannot be treated as the cost of acquiring those rights, because the rights arise under the development control regulatory scheme rather than from that expenditure. The article notes that the principle against charging capital gains on an asset with no identifiable acquisition cost was applied, and the prior special bench view relied on by the revenue was regarded as no longer sustainable. Case-Laws Income Tax Thu, 27 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117686