https://www.taxtmi.com/caselaws?id=221070 The court clarified that the Transfer of Development Rights (TDR) premium, voluntarily offered to tax, eliminated the taxability issue under the principle of mutuality. The dispute centered on the disallowed expenditure for earning the TDR premium, leading to an increase in taxable income. Reassessment proceedings were upheld as beneficial to the Revenue, not the assessee, emphasizing that reassessed income cannot be lower than originally assessed. The court set aside the Income-tax Appellate Tribunal's decision and remanded the case for fresh consideration, leaving all contentions open and disposing of the appeal without costs. en-us Mon, 14 Nov 2011 00:00:00 +0530 Thu, 21 Feb 2013 07:42:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221070 The court clarified that the Transfer of Development Rights (TDR) premium, voluntarily offered to tax, eliminated the taxability issue under the principle of mutuality. The dispute centered on the disallowed expenditure for earning the TDR premium, leading to an increase in taxable income. Reassessment proceedings were upheld as beneficial to the Revenue, not the assessee, emphasizing that reassessed income cannot be lower than originally assessed. The court set aside the Income-tax Appellate Tribunal's decision and remanded the case for fresh consideration, leaving all contentions open and disposing of the appeal without costs. Case-Laws Income Tax Mon, 14 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221070