ITAT says TDR Received Against Surrendered Land Is Taxable on Subsequent Sale

The assessee received TDRs from BBMP in exchange for surrendering land and later sold the rights for ₹6.02 crore. The ITAT distinguished cases involving self-generated TDRs, where no identifiable acquisition cost existed, and held that the cost of the land surrendered must be recognised as the cost of acquiring the TDRs. While dismissing the appeal, it directed the Assessing Officer to compute capital gains after allowing that cost.