Tag Archives: development right

Tax on Advance received on transfer of development right

By | July 26, 2015

Question: whether there is any Tax on Advance received on transfer of development right ? Answer  No. Tax is payable when the conveyance deed is executed.  CIT Vs. M/S. DLF  Commercial Project Corporation, I.T.A. No. 627/2012, Date ofOrder: 15.07.2015, High Court of Delhi The assessee follows the accrual system of accounting. The accrual system of… Read More »