Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Allotment or reservation rights in a flat are treated as valuable capital assets, and their holding period is determined from the date of allotment or reservation rather than subsequent payment entries. The notes state that a reservation letter and the developer's confirmation supported acquisition of the rights in the earlier financial year, while later ledger adjustments did not displace that contemporaneous evidence. On that basis, surrender of the flat rights was characterised as giving rise to long-term capital gain, with indexation benefit, rather than short-term capital gain.
Allotment or reservation rights in a flat are treated as valuable capital assets, and their holding period is determined from the date of allotment or reservation rather than subsequent payment entries. The notes state that a reservation letter and the developer's confirmation supported acquisition of the rights in the earlier financial year, while later ledger adjustments did not displace that contemporaneous evidence. On that basis, surrender of the flat rights was characterised as giving rise to long-term capital gain, with indexation benefit, rather than short-term capital gain.
Note: It is a system-generated summary and is for quick reference only.
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