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...
Where consideration for immovable property is paid wholly or partly through banking channels on or before the allotment or agreement date, the proviso to section 56(2)(x)(b)(B) requires stamp duty value to be taken as on that date, not the registration date. The lower authorities' reliance on registration-date valuation was treated as inconsistent with that proviso. Because the assessee produced a ready reckoner extract and valuation report relevant to the allotment date, that material was admitted as additional evidence, and the matter was sent back for verification of the valuation and fresh decision after hearing the assessee.
Where consideration for immovable property is paid wholly or partly through banking channels on or before the allotment or agreement date, the proviso to section 56(2)(x)(b)(B) requires stamp duty value to be taken as on that date, not the registration date. The lower authorities' reliance on registration-date valuation was treated as inconsistent with that proviso. Because the assessee produced a ready reckoner extract and valuation report relevant to the allotment date, that material was admitted as additional evidence, and the matter was sent back for verification of the valuation and fresh decision after hearing the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
