https://www.taxtmi.com/caselaws?id=214663 Where development rights are transferred independently and possession is handed over, the consideration accrues in full on execution of the transfer transaction under mercantile accounting; deferral to 25% on a project basis was rejected. The corresponding cost of acquisition of the transferred development rights remained deductible in computing taxable income, so the taxable amount was reduced by that related cost. The discussion thus confirms full accrual on transfer, while preserving deduction of the acquisition cost linked to the rights actually conveyed. en-us Wed, 30 May 2012 00:00:00 +0530 Fri, 20 Dec 2024 21:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214663 Where development rights are transferred independently and possession is handed over, the consideration accrues in full on execution of the transfer transaction under mercantile accounting; deferral to 25% on a project basis was rejected. The corresponding cost of acquisition of the transferred development rights remained deductible in computing taxable income, so the taxable amount was reduced by that related cost. The discussion thus confirms full accrual on transfer, while preserving deduction of the acquisition cost linked to the rights actually conveyed. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214663