Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT determined that indexation benefit for LTCG computation should commence from the letter of intent dated 14.02.2011 rather than the property registration date of 20.12.2017. The tribunal followed a coordinate bench decision from AY 2019-20 involving similar flats in the same property complex, which established that acquisition date for capital gains computation should be reckoned from the letter of intent date. The AO was directed to recompute capital gains using 14.02.2011 as the acquisition date for indexation purposes. Additionally, the tribunal remanded the matter regarding miscellaneous acquisition charges and transfer charges that were not considered by the AO while determining capital gains liability under section 45, directing reassessment in accordance with law.
The ITAT determined that indexation benefit for LTCG computation should commence from the letter of intent dated 14.02.2011 rather than the property registration date of 20.12.2017. The tribunal followed a coordinate bench decision from AY 2019-20 involving similar flats in the same property complex, which established that acquisition date for capital gains computation should be reckoned from the letter of intent date. The AO was directed to recompute capital gains using 14.02.2011 as the acquisition date for indexation purposes. Additionally, the tribunal remanded the matter regarding miscellaneous acquisition charges and transfer charges that were not considered by the AO while determining capital gains liability under section 45, directing reassessment in accordance with law.
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