Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
Charitable tree plantation and maintenance for environmental preservation treated as "charitable activity", exempt from GST under Notification 12/2017...
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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