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...
LTCG - year of assessment - The Tribunal noted discrepancies in the year of taxability claims, stating that the original Joint Development Agreement (JDA) underwent substantial modification, which affected the final assessment year. Since the assessee offered the gains for tax in AY 2016-17, the Tribunal found no grounds to shift the taxability year to AY 2013-14 or AY 2015-16. - Regarding the computation of LTCG, the ITAT upheld the assessing officer’s decision to consider only the proportionate cost of land transferred and noted that the assessee could not substantiate the claimed costs of the building constructed in 1983-84. The Tribunal directed a recalibration of the fair market value of the building as of 01-04-1981, rejecting the depreciation applied by the assessing officer.
LTCG - year of assessment - The Tribunal noted discrepancies in the year of taxability claims, stating that the original Joint Development Agreement (JDA) underwent substantial modification, which affected the final assessment year. Since the assessee offered the gains for tax in AY 2016-17, the Tribunal found no grounds to shift the taxability year to AY 2013-14 or AY 2015-16. - Regarding the computation of LTCG, the ITAT upheld the assessing officer’s decision to consider only the proportionate cost of land transferred and noted that the assessee could not substantiate the claimed costs of the building constructed in 1983-84. The Tribunal directed a recalibration of the fair market value of the building as of 01-04-1981, rejecting the depreciation applied by the assessing officer.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
