Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Amendments to the section 50C tolerance band were treated as curative and beneficial, intended to reduce hardship from minor differences between declared sale consideration and stamp duty value. Applying the retrospective benefit, the Tribunal held that where the stamp duty value did not exceed 110% of the actual consideration, the deeming fiction under section 50C could not substitute the declared price. The actual sale consideration was therefore accepted for capital gains computation and the addition was deleted.
Amendments to the section 50C tolerance band were treated as curative and beneficial, intended to reduce hardship from minor differences between declared sale consideration and stamp duty value. Applying the retrospective benefit, the Tribunal held that where the stamp duty value did not exceed 110% of the actual consideration, the deeming fiction under section 50C could not substitute the declared price. The actual sale consideration was therefore accepted for capital gains computation and the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
