https://www.taxtmi.com/caselaws?id=235887 In joint development arrangements, capital gains on land exchange are to be computed by reference to the developer's construction cost where the assessee receives only a proportionate share in the developed property, and a marginal valuation difference after allowance for self-supervision does not justify further adjustment. The text also notes that once the transfer year has been finally determined under section 2(47) read with section 53A of the Transfer of Property Act, the same transaction cannot be taxed again in an earlier year. On that basis, the additions were deleted and the Revenue's challenge failed. en-us Fri, 24 May 2013 00:00:00 +0530 Tue, 04 Jun 2013 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235887 In joint development arrangements, capital gains on land exchange are to be computed by reference to the developer's construction cost where the assessee receives only a proportionate share in the developed property, and a marginal valuation difference after allowance for self-supervision does not justify further adjustment. The text also notes that once the transfer year has been finally determined under section 2(47) read with section 53A of the Transfer of Property Act, the same transaction cannot be taxed again in an earlier year. On that basis, the additions were deleted and the Revenue's challenge failed. Case-Laws Income Tax Fri, 24 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235887