Prospective valuation amendment limits reassessment: unamended fair market value reference could not justify reopening based on a registered valuer's ...
Exemption for examination-related services rejected where recipients were commercial entities; suppression sustained extended limitation and penalties...
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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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