Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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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