CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
ITAT partly allowed assessee's appeal. For capital gains on sale of flats under JDA, Tribunal held that cost of acquisition must be computed with reference to saleable/built-up area, determining land cost at Rs. 95.26 per sq.ft, and rejected reduction by claimed STCG exemption. For sale of one villa, applying s.50C third proviso, it directed AO to adopt actual consideration of Rs. 2,18,29,631 instead of stamp value. Full exemption u/s 54 was allowed, deleting disallowance of Rs. 3,87,726, as 95% of construction costs were evidenced and remaining expenses were reasonably incurred. Notional rent addition on two unsold villas was deleted, property being vacant due to pandemic. Capital gain on land transferred under JDA was confirmed as short-term.
ITAT partly allowed assessee's appeal. For capital gains on sale of flats under JDA, Tribunal held that cost of acquisition must be computed with reference to saleable/built-up area, determining land cost at Rs. 95.26 per sq.ft, and rejected reduction by claimed STCG exemption. For sale of one villa, applying s.50C third proviso, it directed AO to adopt actual consideration of Rs. 2,18,29,631 instead of stamp value. Full exemption u/s 54 was allowed, deleting disallowance of Rs. 3,87,726, as 95% of construction costs were evidenced and remaining expenses were reasonably incurred. Notional rent addition on two unsold villas was deleted, property being vacant due to pandemic. Capital gain on land transferred under JDA was confirmed as short-term.
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