TDR given by municipality to owner in lieu of acquisition of immovable property was capital asset

INCOME TAX: Transferable Development Right (TDR) given to owner by municipality in lieu of acquisition of immovable property is capital asset; if TDR was earlier sold to third party but same was cancelled, it could not be considered as purchase from said party and period of holding of TDR was to be calculated from date of acquisition of assessee's property by municipality

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