Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Transferable development rights received in exchange for surrendering land and building to a municipal authority have an ascertainable cost of acquisition: the cost attributable to the surrendered property. Their subsequent cash sale is therefore chargeable as capital gains, unlike self-generated development rights arising without transfer of an identified asset. Where a scrutiny notice merely identifies a refund claim for verification and does not specify limited scrutiny, the assessment may extend to the taxability of such rights. Non-taxation of similar receipts in another taxpayer's assessment does not create parity or estoppel against correct application of tax law. Capital gains must be recomputed after allowing the attributable acquisition cost.
Transferable development rights received in exchange for surrendering land and building to a municipal authority have an ascertainable cost of acquisition: the cost attributable to the surrendered property. Their subsequent cash sale is therefore chargeable as capital gains, unlike self-generated development rights arising without transfer of an identified asset. Where a scrutiny notice merely identifies a refund claim for verification and does not specify limited scrutiny, the assessment may extend to the taxability of such rights. Non-taxation of similar receipts in another taxpayer's assessment does not create parity or estoppel against correct application of tax law. Capital gains must be recomputed after allowing the attributable acquisition cost.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
