https://www.taxtmi.com/caselaws?id=382732 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO regarding capital gain on the sale of Transferable Development Rights (TDR) development rights. The Tribunal agreed that as the TDR rights were generated by the plot itself and there was no cost of acquisition, no capital gain tax was attracted. The High Court's decision supported this view, stating that the sale of TDR/FSI rights did not result in assessable capital gain tax. Consequently, the Tribunal dismissed the Revenue's appeal, ruling that the sale of TDR/FSI rights did not incur capital gain tax liability due to the absence of a cost of acquisition. en-us Tue, 25 Jun 2019 00:00:00 +0530 Tue, 09 Jul 2019 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382732 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO regarding capital gain on the sale of Transferable Development Rights (TDR) development rights. The Tribunal agreed that as the TDR rights were generated by the plot itself and there was no cost of acquisition, no capital gain tax was attracted. The High Court's decision supported this view, stating that the sale of TDR/FSI rights did not result in assessable capital gain tax. Consequently, the Tribunal dismissed the Revenue's appeal, ruling that the sale of TDR/FSI rights did not incur capital gain tax liability due to the absence of a cost of acquisition. Case-Laws Income Tax Tue, 25 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382732