https://www.taxtmi.com/caselaws?id=121922 The tribunal concluded that the compensation of Rs. 80,000 received by the assessee was not taxable as capital gains under section 45 of the Income-tax Act, 1961. It determined that neither the assessee nor the society transferred any capital asset, as the Transferable Development Rights (TDR) were owned by the developer. The society merely granted permission for additional construction, which did not constitute a transfer of a capital asset. Consequently, the appeal of the assessee was allowed, and the compensation was not subject to capital gains tax. en-us Mon, 16 Jun 2008 00:00:00 +0530 Sun, 10 Dec 2023 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121922 The tribunal concluded that the compensation of Rs. 80,000 received by the assessee was not taxable as capital gains under section 45 of the Income-tax Act, 1961. It determined that neither the assessee nor the society transferred any capital asset, as the Transferable Development Rights (TDR) were owned by the developer. The society merely granted permission for additional construction, which did not constitute a transfer of a capital asset. Consequently, the appeal of the assessee was allowed, and the compensation was not subject to capital gains tax. Case-Laws Income Tax Mon, 16 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121922