Charity-run tree plantation and maintenance for environmental preservation qualifies as "charitable activity", making supplies GST-exempt under Notifi...
Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
ITAT upheld CIT(A)'s order allowing Assessee's deductions while computing LTCG on sale of encumbered immovable property. It rejected AO's view that Rs. 2 crore paid to a society to resolve rival ownership claims was a gratuitous payment, holding it to be expenditure incurred wholly and exclusively in connection with the transfer, deductible under s.48(i). ITAT further held that amounts directly paid by purchasers to SBI and Axis Bank for discharge of mortgage under SARFAESI constituted diversion of income by overriding title and never accrued to Assessee; such sums were correctly excluded from sale consideration. Revenue's appeal was dismissed in entirety.
ITAT upheld CIT(A)'s order allowing Assessee's deductions while computing LTCG on sale of encumbered immovable property. It rejected AO's view that Rs. 2 crore paid to a society to resolve rival ownership claims was a gratuitous payment, holding it to be expenditure incurred wholly and exclusively in connection with the transfer, deductible under s.48(i). ITAT further held that amounts directly paid by purchasers to SBI and Axis Bank for discharge of mortgage under SARFAESI constituted diversion of income by overriding title and never accrued to Assessee; such sums were correctly excluded from sale consideration. Revenue's appeal was dismissed in entirety.
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