There was no cost of acquisition of the TDR, hence in absence of the cost of acquisition of the development rights, the TDR cannot be taxed as a capital gain. (Arising out of ITA No.7582/Mum./2014 dt.09/10/2015)(ITA No.822 of 2016, dt.07/01/2019)
PCIT v. Manohar H. Kakwani. (Bom) (HC) (UR) Editorial: SLP of revenue is dismissed (SLP No.18498 of 2019 dt.02/08/2019)(2019) 416 ITR 125 (St.)(SC)
S.45: Capital gains – No cost of acquisition of TDR (Development rights) – Not liable to capital gain tax.