Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The Tribunal held that a 1991-92 letter of intent did not create enforceable rights in the immovable property because the area and identity of the premises were not finalised and the allotment crystallised only later. Enforceable rights arose only when the share and occupancy documents were issued and the lease deed was executed and registered in financial year 2010-11. The holding period was therefore reckoned from 2010-11, and since the property was sold on 02.04.2012, it was held for less than 36 months. The asset was correctly treated as a short-term capital asset, and the gain was taxable as short-term capital gain; contrary authorities were distinguished on the basis that they involved final or binding allotments.
The Tribunal held that a 1991-92 letter of intent did not create enforceable rights in the immovable property because the area and identity of the premises were not finalised and the allotment crystallised only later. Enforceable rights arose only when the share and occupancy documents were issued and the lease deed was executed and registered in financial year 2010-11. The holding period was therefore reckoned from 2010-11, and since the property was sold on 02.04.2012, it was held for less than 36 months. The asset was correctly treated as a short-term capital asset, and the gain was taxable as short-term capital gain; contrary authorities were distinguished on the basis that they involved final or binding allotments.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
