Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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.
TaxTMI 
of 4782
Join Channel
TaxTMI 
