Assessee, a co-owner of a piece of land, had entered into a development agreement with a developer to transfer him development rights in respect of land to construct new building by demolishing existing building on said land and received money consideration and carpet area in kind for same.  Assessing Officer treated entire consideration received by assessee as capital gain. Held that  since  the assessee had not incurred any cost of acquisition in respect of such transferable development rights, consideration received by assessee on sale of said transferable development rights was not chargeable to tax under head capital gain.  Followed CIT v. Sambhaji Nagar Co-op. Hsg. Society Ltd (2015) 370 ITR 325 (Bom)(HC)  (AY.  2007-08)