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...
In a LTCG computation case, the ITAT allowed the assessee's appeal regarding disallowance of improvement costs on a property transfer. The tribunal held that payments made to the original seller, the developer (Jayabheri Properties), and contractor (Nagabasi Reddy) should be included in cost of acquisition/improvement. The AO and DRP had rejected these claims because some payments weren't mentioned in the sale deed and the contractor's bill lacked VAT registration. The ITAT reasoned that cheque payments with confirmation from recipients established the genuineness of transactions, ruling that proper evidence had been furnished to prove these payments were legitimate property costs for LTCG calculation purposes.
In a LTCG computation case, the ITAT allowed the assessee's appeal regarding disallowance of improvement costs on a property transfer. The tribunal held that payments made to the original seller, the developer (Jayabheri Properties), and contractor (Nagabasi Reddy) should be included in cost of acquisition/improvement. The AO and DRP had rejected these claims because some payments weren't mentioned in the sale deed and the contractor's bill lacked VAT registration. The ITAT reasoned that cheque payments with confirmation from recipients established the genuineness of transactions, ruling that proper evidence had been furnished to prove these payments were legitimate property costs for LTCG calculation purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
