https://www.taxtmi.com/caselaws?id=237043 Capital gains under a development rights arrangement arise only when possession and effective control are handed over in part performance so that section 2(47)(v) read with section 53A applies; on the stated facts, the society retained control and the developer had not obtained possession or approvals, so no transfer occurred in the relevant year. Where the dispute concerns additional floor space index created by development regulations, and no ascertainable cost of acquisition is attributable, capital gains cannot be computed on a nil-cost asset; the section 50C valuation issue becomes irrelevant once chargeability itself fails. en-us Fri, 21 Jun 2013 00:00:00 +0530 Tue, 17 Sep 2013 07:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237043 Capital gains under a development rights arrangement arise only when possession and effective control are handed over in part performance so that section 2(47)(v) read with section 53A applies; on the stated facts, the society retained control and the developer had not obtained possession or approvals, so no transfer occurred in the relevant year. Where the dispute concerns additional floor space index created by development regulations, and no ascertainable cost of acquisition is attributable, capital gains cannot be computed on a nil-cost asset; the section 50C valuation issue becomes irrelevant once chargeability itself fails. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237043