https://www.taxtmi.com/caselaws?id=184983 The assessee's claim for exemption from capital gains tax on income from transfer of development rights/additional FSI was initially rejected by the AO and CIT(A) based on the initial declaration in the return of income. However, the Tribunal ruled in favor of the assessee, citing precedents that such receipts are not subject to capital gains tax due to lack of cost of acquisition for the transferred rights. The Tribunal also emphasized the appellate authorities' power to entertain claims not raised before the AO. Consequently, the assessee was not liable for capital gains tax on the TDR receipts, and both appeals were allowed. en-us Wed, 17 Jun 2015 00:00:00 +0530 Wed, 27 Jul 2016 12:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184983 The assessee's claim for exemption from capital gains tax on income from transfer of development rights/additional FSI was initially rejected by the AO and CIT(A) based on the initial declaration in the return of income. However, the Tribunal ruled in favor of the assessee, citing precedents that such receipts are not subject to capital gains tax due to lack of cost of acquisition for the transferred rights. The Tribunal also emphasized the appellate authorities' power to entertain claims not raised before the AO. Consequently, the assessee was not liable for capital gains tax on the TDR receipts, and both appeals were allowed. Case-Laws Income Tax Wed, 17 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184983