ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes.
ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes.
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