https://www.taxtmi.com/caselaws?id=122842 The Tribunal partially allowed the appeal, ruling in favor of the assessee by accepting the argument that no capital gains tax should be levied on the transfer of additional Floor Space Index (FSI) due to the absence of a cost of acquisition. The decision was based on the interpretation of the "no cost no capital gains theory," supported by legal precedents, and confirmed that a capital asset without any ascertainable cost of acquisition does not attract capital gains tax under Section 45. The Tribunal found no specific asset under Section 55(2) to include the right to additional FSI. en-us Tue, 02 Dec 2008 00:00:00 +0530 Wed, 06 Dec 2023 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122842 The Tribunal partially allowed the appeal, ruling in favor of the assessee by accepting the argument that no capital gains tax should be levied on the transfer of additional Floor Space Index (FSI) due to the absence of a cost of acquisition. The decision was based on the interpretation of the "no cost no capital gains theory," supported by legal precedents, and confirmed that a capital asset without any ascertainable cost of acquisition does not attract capital gains tax under Section 45. The Tribunal found no specific asset under Section 55(2) to include the right to additional FSI. Case-Laws Income Tax Tue, 02 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122842