Preliminary reassessment proceedings generally require statutory remedies unless jurisdiction is wholly absent or mandatory conditions are patently br...
Agricultural land classification requires cumulative factual indicators, while industrial-purpose land and absent agricultural use defeat reinvestment...
Composite residential flat exemption upheld where supplementary agreement merged adjoining units and additional evidence supported the taxpayer's inve...
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Where an assessee disputes stamp duty value under Section 43CA and the matter is referred to the DVO, the DVO valuation substitutes the stamp duty value for testing the safe harbour tolerance band. Applying that principle, the Tribunal found that in each impugned transaction the difference between the agreement value and the DVO valuation was below the prescribed 10% margin. As the variation remained within the permissible tolerance, the deeming fiction under Section 43CA could not be invoked and the addition could not survive; the addition was deleted.
Where an assessee disputes stamp duty value under Section 43CA and the matter is referred to the DVO, the DVO valuation substitutes the stamp duty value for testing the safe harbour tolerance band. Applying that principle, the Tribunal found that in each impugned transaction the difference between the agreement value and the DVO valuation was below the prescribed 10% margin. As the variation remained within the permissible tolerance, the deeming fiction under Section 43CA could not be invoked and the addition could not survive; the addition was deleted.
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