Capital Gains on sale of TDR received as additional FSI under D. C. Regulations is not chargeable to tax

We have heard both sides at great length and with their assistance, we have perused the order passed by the Tribunal and that of the Commissioner and the Assessing Officer.  The Assessing Officer has noted the basic facts and about which there is no dispute.  What has been argued before the Assessing Officer is that with the promulgation of the Development Control Rules, 1991 (DCR), the Assessee Society acquired   right  of   putting   up  additional   construction   through   TDR. Instead of utilising this right itself, the Society decided to transfer the same to a Developer f...