Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
The dominant issue was determination of the acquisition date/holding period of a redeveloped residential flat for classifying gains as long-term or short-term and consequential denial of exemption under s.54. The tribunal held that rights in the redeveloped flat crystallized on issuance of the allotment letter and subsequent agreement, and redevelopment was a continuation of pre-existing ownership rather than a fresh purchase. Payment of installments for additional area, including the last installment, and construction/possession timelines could not defer the acquisition date, consistent with binding HC precedent on allotment-based acquisition. Since the asset was held for more than 36 months before sale, gains were assessable as LTCG; the STCG addition was deleted and the appeal allowed. - ITAT
The dominant issue was determination of the acquisition date/holding period of a redeveloped residential flat for classifying gains as long-term or short-term and consequential denial of exemption under s.54. The tribunal held that rights in the redeveloped flat crystallized on issuance of the allotment letter and subsequent agreement, and redevelopment was a continuation of pre-existing ownership rather than a fresh purchase. Payment of installments for additional area, including the last installment, and construction/possession timelines could not defer the acquisition date, consistent with binding HC precedent on allotment-based acquisition. Since the asset was held for more than 36 months before sale, gains were assessable as LTCG; the STCG addition was deleted and the appeal allowed. - ITAT
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