https://www.taxtmi.com/caselaws?id=328588 The Tribunal ruled in favor of the assessee, classifying the consideration received from the transfer of development rights as Long Term Capital Gain. It held that development rights are capital assets, and the sale of such rights should be taxed accordingly. Additionally, the Tribunal determined that Section 50C of the Income Tax Act, concerning stamp duty valuation for computing Long Term Capital Gains, did not apply to the transfer of development rights. The Tribunal dismissed the Revenue's appeal, allowing the assessee to benefit from the consequential deductions/exemptions under Section 54 of the Act. en-us Tue, 31 May 2016 00:00:00 +0530 Wed, 08 Jun 2016 19:48:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328588 The Tribunal ruled in favor of the assessee, classifying the consideration received from the transfer of development rights as Long Term Capital Gain. It held that development rights are capital assets, and the sale of such rights should be taxed accordingly. Additionally, the Tribunal determined that Section 50C of the Income Tax Act, concerning stamp duty valuation for computing Long Term Capital Gains, did not apply to the transfer of development rights. The Tribunal dismissed the Revenue's appeal, allowing the assessee to benefit from the consequential deductions/exemptions under Section 54 of the Act. Case-Laws Income Tax Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328588