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...
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The Appellate Tribunal ruled that the Resolution Professional (RP) was entitled to possess the land admeasuring 10.81 acres, where the corporate debtor had constructed the Canary Greens project. The development agreement envisaged 50% shares to the owners and 50% shares (10.81 acres) to the developer. The corporate debtor, having obtained development rights through agreements, was in possession of the project land. The definition of 'property' under the IBC includes development rights, as clarified by the Supreme Court. The Adjudicating Authority erred in observing that the RP could not prove physical possession, as sufficient evidence established the corporate debtor's possession. The Appellate Tribunal held that the Adjudicating Authority was competent to decide the possession issue without relegating it to a civil court. Excluding the 10.81 acres from the corporate insolvency resolution process, as sought by the owners, was not warranted.
The Appellate Tribunal ruled that the Resolution Professional (RP) was entitled to possess the land admeasuring 10.81 acres, where the corporate debtor had constructed the Canary Greens project. The development agreement envisaged 50% shares to the owners and 50% shares (10.81 acres) to the developer. The corporate debtor, having obtained development rights through agreements, was in possession of the project land. The definition of 'property' under the IBC includes development rights, as clarified by the Supreme Court. The Adjudicating Authority erred in observing that the RP could not prove physical possession, as sufficient evidence established the corporate debtor's possession. The Appellate Tribunal held that the Adjudicating Authority was competent to decide the possession issue without relegating it to a civil court. Excluding the 10.81 acres from the corporate insolvency resolution process, as sought by the owners, was not warranted.
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