Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender of rights by the assessee and computed LTCG - The ITAT examined the terms of the tenancy agreements and found no evidence to support the conclusion that the transaction constituted a sale or transfer of ownership rights. They noted that the agreements were in accordance with the Maharashtra Rent Control Act, 1999, and there was no consideration passed between the parties. - Additions made as long term capital gains deleted.
Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender of rights by the assessee and computed LTCG - The ITAT examined the terms of the tenancy agreements and found no evidence to support the conclusion that the transaction constituted a sale or transfer of ownership rights. They noted that the agreements were in accordance with the Maharashtra Rent Control Act, 1999, and there was no consideration passed between the parties. - Additions made as long term capital gains deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
