https://www.taxtmi.com/caselaws?id=247816 Constructed area and allotted flats received under a development arrangement were treated as consideration for transfer of a capital asset, so the resulting profit was taxable as short-term capital gains and not as business income. Expenditure could be considered only if it related to cost of improvement or was incurred wholly and exclusively in connection with the transfer, and that claim was remanded to the Assessing Officer for verification. Additions based on an assumed security deposit and a higher rate for surrender of 1950 sq. ft. were deleted because no separate additional receipt was established. en-us Fri, 09 May 2014 00:00:00 +0530 Thu, 22 May 2014 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247816 Constructed area and allotted flats received under a development arrangement were treated as consideration for transfer of a capital asset, so the resulting profit was taxable as short-term capital gains and not as business income. Expenditure could be considered only if it related to cost of improvement or was incurred wholly and exclusively in connection with the transfer, and that claim was remanded to the Assessing Officer for verification. Additions based on an assumed security deposit and a higher rate for surrender of 1950 sq. ft. were deleted because no separate additional receipt was established. Case-Laws Income Tax Fri, 09 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247816