https://www.taxtmi.com/caselaws?id=344067 The Tribunal allowed the appeal filed by the assessee, holding that consideration received on the sale of development rights acquired under Development Control Regulations was not taxable for capital gains. The order of the CIT(A) was set aside, and the Assessing Officer was directed to delete the assessed capital gain amount. The Tribunal emphasized that there is no estoppel against the provisions of law, and previous judgments supported the non-taxability of such consideration. Consequently, the assessee's appeal was allowed on 26.5.2017. en-us Fri, 26 May 2017 00:00:00 +0530 Thu, 08 Jun 2017 05:57:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344067 The Tribunal allowed the appeal filed by the assessee, holding that consideration received on the sale of development rights acquired under Development Control Regulations was not taxable for capital gains. The order of the CIT(A) was set aside, and the Assessing Officer was directed to delete the assessed capital gain amount. The Tribunal emphasized that there is no estoppel against the provisions of law, and previous judgments supported the non-taxability of such consideration. Consequently, the assessee's appeal was allowed on 26.5.2017. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344067