https://www.taxtmi.com/caselaws?id=261521 The High Court held that the transfer of Floor Area Ratio (FAR) by the assessee to L&T constituted a transfer of a capital asset under Section 2(47) of the Income Tax Act, making it liable for capital gains tax. The court rejected the assessee's argument that the income was an advance, determining that the transfer was complete upon sanctioning of the plan and commencement of construction. The court set aside the Tribunal's order, reinstating the decisions of the Appellate Commissioner and the Assessing Officer, thereby affirming the taxability of the income from the FAR transfer. en-us Thu, 11 Jun 2015 00:00:00 +0530 Tue, 03 May 2016 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261521 The High Court held that the transfer of Floor Area Ratio (FAR) by the assessee to L&T constituted a transfer of a capital asset under Section 2(47) of the Income Tax Act, making it liable for capital gains tax. The court rejected the assessee's argument that the income was an advance, determining that the transfer was complete upon sanctioning of the plan and commencement of construction. The court set aside the Tribunal's order, reinstating the decisions of the Appellate Commissioner and the Assessing Officer, thereby affirming the taxability of the income from the FAR transfer. Case-Laws Income Tax Thu, 11 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261521