Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
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Computation of LTCG u/s. 50C - leasehold right on land acquired - valuation of properties - The ITAT meticulously analyzed the nature of leasehold versus freehold properties and affirmed that Section 50C is applicable only to "land or building or both", not extending to leasehold interests which are fundamentally different in nature due to their restricted and limited rights. - The Tribunal also addressed the submission related to the first and second provisos to Section 50C concerning the valuation of properties based on agreements and their registration dates. It was emphasized that the agreement date and the actual consideration should guide the capital gains computation, especially when a discrepancy exists between the agreement date and registration date values. - Ultimately, the Tribunal supported the respondent's position by ruling that leasehold rights in land do not fall under the ambit of Section 50C.
Computation of LTCG u/s. 50C - leasehold right on land acquired - valuation of properties - The ITAT meticulously analyzed the nature of leasehold versus freehold properties and affirmed that Section 50C is applicable only to "land or building or both", not extending to leasehold interests which are fundamentally different in nature due to their restricted and limited rights. - The Tribunal also addressed the submission related to the first and second provisos to Section 50C concerning the valuation of properties based on agreements and their registration dates. It was emphasized that the agreement date and the actual consideration should guide the capital gains computation, especially when a discrepancy exists between the agreement date and registration date values. - Ultimately, the Tribunal supported the respondent's position by ruling that leasehold rights in land do not fall under the ambit of Section 50C.
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