Taxability of Capital gain on Sale of booking rights of flat

Miss Indira Vasanji Shah Vs. DCIT (ITAT Mumbai)  owners of the plot have authorised the developer to take the plot and the moment the assessee has booked the flat and flat has been allotted to the assessee, a valuable right has created. It is a capital asset and that right continued till the assessee entered into tripartite agreement dated 10-2-2006. Under section 45 of the Income Tax Act transfer of a capital asset is chargeable to tax under the head ‘capital gains’ and not under the head ‘income from business’. It is not a case of the Revenue that the assessee was regularly booking ...