Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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