https://www.taxtmi.com/caselaws?id=210685 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's appeal. The consideration received for the development agreement, involving rights with no ascertainable cost of acquisition, was not taxable as capital gain under Section 45 of the Income Tax Act. The Tribunal also upheld the implicit allowance of the deduction under Section 24(a) for house property income. Other issues such as applicability of Section 50C and deductions for payments to co-owners were not addressed due to the non-taxable nature of the consideration received. en-us Wed, 08 Feb 2012 00:00:00 +0530 Fri, 17 Feb 2012 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210685 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's appeal. The consideration received for the development agreement, involving rights with no ascertainable cost of acquisition, was not taxable as capital gain under Section 45 of the Income Tax Act. The Tribunal also upheld the implicit allowance of the deduction under Section 24(a) for house property income. Other issues such as applicability of Section 50C and deductions for payments to co-owners were not addressed due to the non-taxable nature of the consideration received. Case-Laws Income Tax Wed, 08 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210685