https://www.taxtmi.com/caselaws?id=185296 The Tribunal upheld the assessment of profit as business income in a case involving the exchange of development rights of properties. It determined that the consideration received in the form of development rights constituted taxable income, rejecting the assessee's argument that no income accrued due to the lack of cash consideration. The Tribunal also affirmed the use of stamp duty value to compute the surplus on the property exchange, dismissing the assessee's plea to treat the transaction as capital gains and the differential consideration as a business loss. en-us Wed, 28 Mar 2012 00:00:00 +0530 Mon, 08 Aug 2016 14:13:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185296 The Tribunal upheld the assessment of profit as business income in a case involving the exchange of development rights of properties. It determined that the consideration received in the form of development rights constituted taxable income, rejecting the assessee's argument that no income accrued due to the lack of cash consideration. The Tribunal also affirmed the use of stamp duty value to compute the surplus on the property exchange, dismissing the assessee's plea to treat the transaction as capital gains and the differential consideration as a business loss. Case-Laws Income Tax Wed, 28 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185296