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...
ITAT adjudicated a tax dispute involving long-term capital gains (LTCG) and cost of acquisition determination. The tribunal directed the Assessing Officer (AO) to adopt fair market value based on an open auction transaction in a nearby village, rejecting previous valuation methods. Regarding section 54B deduction, the tribunal partially allowed the assessee's claim, permitting deduction for agricultural land purchased in the assessee's name and disallowing deduction for land purchased in the spouse's name. The decision emphasized consistent valuation principles and legal interpretation of land acquisition and tax deduction provisions, ultimately providing a nuanced resolution to the tax assessment challenges.
ITAT adjudicated a tax dispute involving long-term capital gains (LTCG) and cost of acquisition determination. The tribunal directed the Assessing Officer (AO) to adopt fair market value based on an open auction transaction in a nearby village, rejecting previous valuation methods. Regarding section 54B deduction, the tribunal partially allowed the assessee's claim, permitting deduction for agricultural land purchased in the assessee's name and disallowing deduction for land purchased in the spouse's name. The decision emphasized consistent valuation principles and legal interpretation of land acquisition and tax deduction provisions, ultimately providing a nuanced resolution to the tax assessment challenges.
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