Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Where an immovable property purchase was supported by an earlier agreement, earlier possession and cheque payments made before registration, the relevant consideration was treated as that prior arrangement rather than the later registered deed. On that basis, adopting the stamp duty value as on the registration date for an addition under section 56(2)(x)(b)(B) was unjustified because the record showed the transaction had been agreed and partly performed earlier. The addition was deleted.
Where an immovable property purchase was supported by an earlier agreement, earlier possession and cheque payments made before registration, the relevant consideration was treated as that prior arrangement rather than the later registered deed. On that basis, adopting the stamp duty value as on the registration date for an addition under section 56(2)(x)(b)(B) was unjustified because the record showed the transaction had been agreed and partly performed earlier. The addition was deleted.
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