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...
The ITAT Visakhapatnam dealt with a revision u/s 263 regarding the treatment of a residential property sale as short-term or long-term capital asset. The dispute centered on the appropriation between land and building for capital gains computation under a Joint Development Agreement (JDA). The CIT considered the asset as short-term, disallowing deduction u/s 54EC. The ITAT held that the property was incomplete until possession in Feb 2011, emphasizing the necessity of owning both land and building components in such transactions. It highlighted the importance of bifurcating undivided share of land and built-up area for capital gains computation. The ITAT stressed the need for appropriate documentation to claim indexed cost of improvement and discussed the method of appropriating sale consideration for land and building under section 50C. The ITAT concluded that the CIT erred in not considering the appropriation between land and building, directing the AO to re-examine the issue.
The ITAT Visakhapatnam dealt with a revision u/s 263 regarding the treatment of a residential property sale as short-term or long-term capital asset. The dispute centered on the appropriation between land and building for capital gains computation under a Joint Development Agreement (JDA). The CIT considered the asset as short-term, disallowing deduction u/s 54EC. The ITAT held that the property was incomplete until possession in Feb 2011, emphasizing the necessity of owning both land and building components in such transactions. It highlighted the importance of bifurcating undivided share of land and built-up area for capital gains computation. The ITAT stressed the need for appropriate documentation to claim indexed cost of improvement and discussed the method of appropriating sale consideration for land and building under section 50C. The ITAT concluded that the CIT erred in not considering the appropriation between land and building, directing the AO to re-examine the issue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
