https://www.taxtmi.com/caselaws?id=188294 Capital gains under a development arrangement must be computed on the real consideration accrued and received for development rights or FSI transferred in each stage. Where the agreement permits reduced consideration for lower available FSI, and possession and payments occur only as FSI is sanctioned and utilised, the full stated consideration cannot be taxed as though all rights were transferred in one year. The staged transfer is treated as attracting section 2(47)(v) in the relevant years. Claims for legal fees and related expenditure require merits-based consideration where they were treated as not pressed despite written objections, and should be reconsidered by the first appellate authority. en-us Mon, 17 Aug 1998 00:00:00 +0530 Thu, 24 Nov 2016 18:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188294 Capital gains under a development arrangement must be computed on the real consideration accrued and received for development rights or FSI transferred in each stage. Where the agreement permits reduced consideration for lower available FSI, and possession and payments occur only as FSI is sanctioned and utilised, the full stated consideration cannot be taxed as though all rights were transferred in one year. The staged transfer is treated as attracting section 2(47)(v) in the relevant years. Claims for legal fees and related expenditure require merits-based consideration where they were treated as not pressed despite written objections, and should be reconsidered by the first appellate authority. Case-Laws Income Tax Mon, 17 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188294