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...
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Jurisdictional objection under section 124(3) failed because the assessee, after receiving notice and participating in the assessment without protest, was treated as having accepted the AO's territorial jurisdiction. For LTCG computation, the Tribunal held that the cost of acquisition of converted land could not be restricted merely because part of the area was left for roads and drainage; the full claimed cost with indexation had to be allowed. Where seized cash and surrounding material showed receipt of on-money, substitution of declared consideration with valuation-based fair market value was upheld. Interest under sections 234A and 234B was deleted because seized cash available with the Revenue should have been adjusted, while section 234C was confined to any default before seizure.
Jurisdictional objection under section 124(3) failed because the assessee, after receiving notice and participating in the assessment without protest, was treated as having accepted the AO's territorial jurisdiction. For LTCG computation, the Tribunal held that the cost of acquisition of converted land could not be restricted merely because part of the area was left for roads and drainage; the full claimed cost with indexation had to be allowed. Where seized cash and surrounding material showed receipt of on-money, substitution of declared consideration with valuation-based fair market value was upheld. Interest under sections 234A and 234B was deleted because seized cash available with the Revenue should have been adjusted, while section 234C was confined to any default before seizure.
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