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 impugned receipts, received by a housing society from occupying tenants on admission as members, constituted capital contributions/membership fees towards a building repair and development fund and not consideration for transfer within the meaning of s.2(47). The Tribunal found the receipts arose pursuant to membership admission terms and the conveyance/committee records, and that the allottees merely became class members while already in occupation. Consequently, s.50C valuation provisions were inapplicable and the Assessing Officer's addition under s.50C was unsustainable; the addition was deleted and the assessee's appeal allowed.
ITAT held that the impugned receipts, received by a housing society from occupying tenants on admission as members, constituted capital contributions/membership fees towards a building repair and development fund and not consideration for transfer within the meaning of s.2(47). The Tribunal found the receipts arose pursuant to membership admission terms and the conveyance/committee records, and that the allottees merely became class members while already in occupation. Consequently, s.50C valuation provisions were inapplicable and the Assessing Officer's addition under s.50C was unsustainable; the addition was deleted and the assessee's appeal allowed.
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