Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT set aside the CIT(A)'s order and remanded the matter to the jurisdictional AO for fresh adjudication under section 56(2)(x), directing the AO to consider stamp duty, additional stamp duty, registration charges, legal fees and other taxes/charges as part of the cost of acquisition when estimating fair market value. The AO must afford the assessee a proper opportunity of hearing and permit submission of supporting documentation. The assessee is directed to furnish all necessary details to the JA(O) for reconsideration. The appeal is allowed for statistical purposes and the original addition is vacated pending fresh determination by the AO.
The ITAT set aside the CIT(A)'s order and remanded the matter to the jurisdictional AO for fresh adjudication under section 56(2)(x), directing the AO to consider stamp duty, additional stamp duty, registration charges, legal fees and other taxes/charges as part of the cost of acquisition when estimating fair market value. The AO must afford the assessee a proper opportunity of hearing and permit submission of supporting documentation. The assessee is directed to furnish all necessary details to the JA(O) for reconsideration. The appeal is allowed for statistical purposes and the original addition is vacated pending fresh determination by the AO.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
