https://www.taxtmi.com/caselaws?id=347133 For capital gains computation, wealth-tax valuation was not treated as a substitute for market value on 1 April 1981, so the asset had to be valued independently for that date. A collaboration agreement was found not to transfer the entire land to the builder; it operated only as a partial exchange involving land and construction rights, with the transaction treated as an improved asset requiring separate recognition of the land and construction components. Land and development charges also had to be deducted from the sale consideration to arrive at correct capital gains. en-us Wed, 23 Aug 2017 00:00:00 +0530 Sat, 18 Nov 2017 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347133 For capital gains computation, wealth-tax valuation was not treated as a substitute for market value on 1 April 1981, so the asset had to be valued independently for that date. A collaboration agreement was found not to transfer the entire land to the builder; it operated only as a partial exchange involving land and construction rights, with the transaction treated as an improved asset requiring separate recognition of the land and construction components. Land and development charges also had to be deducted from the sale consideration to arrive at correct capital gains. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347133