Court Rules Hypothetical Income from Transfer of Development Rights Isn't Actual Income for Tax Purposes Under Shareholders Agreement.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Taxation of profits arisen on handing over of possession of development rights together with land in terms of the shareholders agreement - The benefits represent, at best, a hypothetical income which may or may not materialise and its money value is, therefore, not the income of the assessee. - AT....