ITAT Rules TDR Sale Proceeds Taxable as Capital Gains

India's Income Tax Appellate Tribunal in Bangalore has held that proceeds from selling Transferable Development Rights are taxable as capital gains. The case involved a landowner who received TDRs after surrendering 2,839 square metres of land to BBMP for road widening, then sold them to a builder for Rs 6.02 crore without paying tax. The tribunal directed the Assessing Officer to allow credit for the cost of the surrendered land.