Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
LTCG - Determination of Fair Market Value (FMV) - The Assessing Officer and the Commissioner of Income Tax (Appeals) accepted the fair market value of the property as on April 1, 1981, as calculated by the registered valuer. However, they failed to apply indexation benefits to the cost of acquisition while determining long-term capital gain. The Tribunal observed that the indexed cost of acquisition should have been considered, which would have resulted in long-term capital loss, as it exceeded the sale consideration.
LTCG - Determination of Fair Market Value (FMV) - The Assessing Officer and the Commissioner of Income Tax (Appeals) accepted the fair market value of the property as on April 1, 1981, as calculated by the registered valuer. However, they failed to apply indexation benefits to the cost of acquisition while determining long-term capital gain. The Tribunal observed that the indexed cost of acquisition should have been considered, which would have resulted in long-term capital loss, as it exceeded the sale consideration.
Note: It is a system-generated summary and is for quick reference only.
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