Transfer of development rights completes when possession of land given with it

The dispute is regarding assessment of income receivable by the assessee from the transfer of development rights. The case of the assessee is that granting of development rights was an integral part of development project which was one indivisible project and therefore, the income had to be assessed @ 25% as part of the development project. We, are however unable to accept the claim made by the assessee.

The assessee had development rights in respect of certain piece of land. The assessee instead

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