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...
ITAT affirmed the CIT(A)'s deletion of the addition, holding that the assessee acted solely as representative/agent of its members and did not derive the development consideration; the assessee received only a refundable deposit. On construction of the registered development agreement, the tribunal found the agreed consideration was payable to individual members who retained ownership of their flats, thereby precluding taxation of the society as transferee under s.2(47)(v) read with s.50C. Consequentially, short-term capital gains attributable to the redevelopment accrued to the individual members, not the assessee, and the revenue's assessment was set aside.
ITAT affirmed the CIT(A)'s deletion of the addition, holding that the assessee acted solely as representative/agent of its members and did not derive the development consideration; the assessee received only a refundable deposit. On construction of the registered development agreement, the tribunal found the agreed consideration was payable to individual members who retained ownership of their flats, thereby precluding taxation of the society as transferee under s.2(47)(v) read with s.50C. Consequentially, short-term capital gains attributable to the redevelopment accrued to the individual members, not the assessee, and the revenue's assessment was set aside.
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