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...
Disallowance of deduction u/s 80IB(10) and the levy of penalty u/s 271(1)(c). The Assessing Officer disallowed the deduction claim on two grounds: most residential units exceeded 1500 square feet, and the assessee was a contractor, not a developer. The Tribunal held that mentioning 1500 sq ft in the sanction plan is not determinative of the actual area constructed, and if the extra area does not breach building bylaws, it is irrelevant for civil authorities. The assessee failed to prove the units were under 1500 sq ft and that it was a developer executing sale deeds for loan purposes. The Tribunal distinguished the cited cases as involving debatable additions, whereas here, the claim was based on incorrect facts of the assessee being a developer and units exceeding 1500 sq ft. Hence, the penalty u/s 271(1)(c) was rightly confirmed.
Disallowance of deduction u/s 80IB(10) and the levy of penalty u/s 271(1)(c). The Assessing Officer disallowed the deduction claim on two grounds: most residential units exceeded 1500 square feet, and the assessee was a contractor, not a developer. The Tribunal held that mentioning 1500 sq ft in the sanction plan is not determinative of the actual area constructed, and if the extra area does not breach building bylaws, it is irrelevant for civil authorities. The assessee failed to prove the units were under 1500 sq ft and that it was a developer executing sale deeds for loan purposes. The Tribunal distinguished the cited cases as involving debatable additions, whereas here, the claim was based on incorrect facts of the assessee being a developer and units exceeding 1500 sq ft. Hence, the penalty u/s 271(1)(c) was rightly confirmed.
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