https://www.taxtmi.com/caselaws?id=178475 The High Court upheld that the transfer of 52.5% interest in land by the assessee to a developer for exchange of built-up area constituted a transfer, attracting capital gains tax under Section 45(1) of the Income Tax Act. The court rejected the argument that there was only a diminution of ownership rights, emphasizing that allowing possession under a development agreement qualifies as a transfer. The decision was based on precedents highlighting that possession under such agreements triggers capital gains tax liability. The High Court set aside the ITAT's order and affirmed the computation of capital gains by the assessing officer and the first appellate authority. en-us Fri, 16 Sep 2011 00:00:00 +0530 Fri, 05 Feb 2016 16:25:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178475 The High Court upheld that the transfer of 52.5% interest in land by the assessee to a developer for exchange of built-up area constituted a transfer, attracting capital gains tax under Section 45(1) of the Income Tax Act. The court rejected the argument that there was only a diminution of ownership rights, emphasizing that allowing possession under a development agreement qualifies as a transfer. The decision was based on precedents highlighting that possession under such agreements triggers capital gains tax liability. The High Court set aside the ITAT's order and affirmed the computation of capital gains by the assessing officer and the first appellate authority. Case-Laws Income Tax Fri, 16 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178475