https://www.taxtmi.com/caselaws?id=57947 A transferred right arising from an agreement to acquire office premises in an under-construction building was treated as a capital asset representing a right in buildings. Although a mere contract for sale does not by itself create an interest in immovable property, the facts showed substantial consideration had been paid, construction was nearly complete, and the transfer covered the assessee's right, title and interest in the premises. On that basis, the gain was held to fall within section 80T(b)(i) rather than the residuary clause in section 80T(b)(ii), and the higher deduction claimed under clause (ii) was not available. en-us Mon, 30 Jan 1984 00:00:00 +0530 Wed, 15 Dec 2010 15:43:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57947 A transferred right arising from an agreement to acquire office premises in an under-construction building was treated as a capital asset representing a right in buildings. Although a mere contract for sale does not by itself create an interest in immovable property, the facts showed substantial consideration had been paid, construction was nearly complete, and the transfer covered the assessee's right, title and interest in the premises. On that basis, the gain was held to fall within section 80T(b)(i) rather than the residuary clause in section 80T(b)(ii), and the higher deduction claimed under clause (ii) was not available. Case-Laws Income Tax Mon, 30 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57947