https://www.taxtmi.com/caselaws?id=378677 The High Court of Bombay dismissed the Revenue's appeal, affirming the Income Tax Appellate Tribunal's decision not to include Transfer of Development Rights (TDR) / Floor Space Index (FSI) value in the computation of capital gain. The court held that since the assessee had only transferred reversionary right in the lease land without incurring any cost of acquisition for the additional FSI, the gains derived should not be assessed as capital gains. The court emphasized the need for a specific provision to determine the cost for computing capital gains in such cases, supporting the Tribunal's decision based on legal provisions and previous analyses. en-us Mon, 25 Mar 2019 00:00:00 +0530 Fri, 19 Apr 2019 08:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378677 The High Court of Bombay dismissed the Revenue's appeal, affirming the Income Tax Appellate Tribunal's decision not to include Transfer of Development Rights (TDR) / Floor Space Index (FSI) value in the computation of capital gain. The court held that since the assessee had only transferred reversionary right in the lease land without incurring any cost of acquisition for the additional FSI, the gains derived should not be assessed as capital gains. The court emphasized the need for a specific provision to determine the cost for computing capital gains in such cases, supporting the Tribunal's decision based on legal provisions and previous analyses. Case-Laws Income Tax Mon, 25 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378677