Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
ITAT upheld the AO and CIT(A)'s adoption of the stamp duty value of Rs.67,14,284 as full value of consideration under s.50C, finding no infirmity and noting no request for DVO reference. On s.54 exemption, ITAT accepted in principle the assessee's asserted 2:1 contribution ratio to the new residential property and directed the AO to verify actual contributions of the assessee and spouse and grant exemption proportionately if substantiated. Regarding indexed cost of improvements, ITAT found the absence of bank entry not determinative given the antiquity of the works and directed the AO to allow the claimed indexed improvement cost if contractor bills and supporting evidence credibly establish payment.
ITAT upheld the AO and CIT(A)'s adoption of the stamp duty value of Rs.67,14,284 as full value of consideration under s.50C, finding no infirmity and noting no request for DVO reference. On s.54 exemption, ITAT accepted in principle the assessee's asserted 2:1 contribution ratio to the new residential property and directed the AO to verify actual contributions of the assessee and spouse and grant exemption proportionately if substantiated. Regarding indexed cost of improvements, ITAT found the absence of bank entry not determinative given the antiquity of the works and directed the AO to allow the claimed indexed improvement cost if contractor bills and supporting evidence credibly establish payment.
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