Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
Fake AI-generated precedents vitiate adjudication, with unverified citations contaminating the decision-making process and undermining the rule of law...
ITAT held that indexed cost of improvement for an old developed residential property could not be rejected merely because old bills and vouchers were unavailable. As the registered sale deed and stamp valuation records showed a substantial superstructure, the cost of construction and improvement had to be recomputed on a reasonable basis using the covered area and applicable PWD rates, with consequential indexation. On section 54, the Tribunal held that the assessee was entitled to deduction on the full eligible investment in the new leasehold residential property because the funds were wholly from the assessee and joint naming of the husband did not limit the claim. Optional club membership charges were excluded from eligible cost.
ITAT held that indexed cost of improvement for an old developed residential property could not be rejected merely because old bills and vouchers were unavailable. As the registered sale deed and stamp valuation records showed a substantial superstructure, the cost of construction and improvement had to be recomputed on a reasonable basis using the covered area and applicable PWD rates, with consequential indexation. On section 54, the Tribunal held that the assessee was entitled to deduction on the full eligible investment in the new leasehold residential property because the funds were wholly from the assessee and joint naming of the husband did not limit the claim. Optional club membership charges were excluded from eligible cost.
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