Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The ITAT held that the date of acquisition for computing LTCG on sale of immovable property is the date of the agreement to sale (16 November 2007), not the date of possession (16 December 2010). The tribunal relied on the substantial payments made during FY 2007-08, establishing the appellant's right to hold the asset from the agreement date. Consequently, the AO was directed to compute capital gains for AY 2015-16 using the acquisition date as 16 November 2007, allowing indexation benefits from that year, thereby overturning the assessment order that had considered the possession date.
The ITAT held that the date of acquisition for computing LTCG on sale of immovable property is the date of the agreement to sale (16 November 2007), not the date of possession (16 December 2010). The tribunal relied on the substantial payments made during FY 2007-08, establishing the appellant's right to hold the asset from the agreement date. Consequently, the AO was directed to compute capital gains for AY 2015-16 using the acquisition date as 16 November 2007, allowing indexation benefits from that year, thereby overturning the assessment order that had considered the possession date.
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