https://www.taxtmi.com/caselaws?id=59211 Transferable development rights inherent in ownership of land were treated as part of the capital asset for income-tax purposes, so conversion of the land into stock-in-trade attracted section 45(2). For valuation, backward interpolation from sale price using the cost inflation index was rejected as an unsound method; the fair market value of the rights required fresh determination on a proper valuation basis, including the restrictive regime and transfer clogs prevailing on the relevant dates. Interest under sections 234B and 234C was stated to be mandatory. Capital gains could not be set off against brought forward business loss under the statutory scheme. Expenditure on Delhi premises was only partly disallowable, with proportionate deduction allowed for office use. en-us Thu, 31 Jan 2002 00:00:00 +0530 Mon, 27 Dec 2010 11:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59211 Transferable development rights inherent in ownership of land were treated as part of the capital asset for income-tax purposes, so conversion of the land into stock-in-trade attracted section 45(2). For valuation, backward interpolation from sale price using the cost inflation index was rejected as an unsound method; the fair market value of the rights required fresh determination on a proper valuation basis, including the restrictive regime and transfer clogs prevailing on the relevant dates. Interest under sections 234B and 234C was stated to be mandatory. Capital gains could not be set off against brought forward business loss under the statutory scheme. Expenditure on Delhi premises was only partly disallowable, with proportionate deduction allowed for office use. Case-Laws Income Tax Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59211