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...
AAR held that proportionate refund received by the applicant upon cancellation of a pre-GST lease agreement is not taxable under GST. While property leasing constitutes supply of service, lease cancellation itself does not constitute taxable activity under CGST Act. Relying on CBIC Circular No. 178/10/2022-GST regarding coal block cancellation compensation, AAR determined that refund for unexpired lease period does not involve any supply of service as defined under Section 7 of CGST Act, 2017. The transaction merely constitutes return of consideration for unutilized period rather than agreement to perform, refrain from, or tolerate any act, thus falling outside GST liability.
AAR held that proportionate refund received by the applicant upon cancellation of a pre-GST lease agreement is not taxable under GST. While property leasing constitutes supply of service, lease cancellation itself does not constitute taxable activity under CGST Act. Relying on CBIC Circular No. 178/10/2022-GST regarding coal block cancellation compensation, AAR determined that refund for unexpired lease period does not involve any supply of service as defined under Section 7 of CGST Act, 2017. The transaction merely constitutes return of consideration for unutilized period rather than agreement to perform, refrain from, or tolerate any act, thus falling outside GST liability.
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