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 ...
Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Section 50C, being a deeming provision, applies only where the capital asset transferred is "land or building or both" and must be strictly construed. The Act elsewhere expressly differentiates transfer of land/building from transfer of "any right" therein; the absence of such language in section 50C shows it does not extend to mere rights or limited interests. On the contemporaneous registered instruments and valuation record, the assessee transferred only a limited, determinable life interest under a trust coupled with an undivided share, not land or building as such; hence the stamp duty valuation could not be substituted under section 50C. The addition sustained under section 50C was deleted. - ITAT
Section 50C, being a deeming provision, applies only where the capital asset transferred is "land or building or both" and must be strictly construed. The Act elsewhere expressly differentiates transfer of land/building from transfer of "any right" therein; the absence of such language in section 50C shows it does not extend to mere rights or limited interests. On the contemporaneous registered instruments and valuation record, the assessee transferred only a limited, determinable life interest under a trust coupled with an undivided share, not land or building as such; hence the stamp duty valuation could not be substituted under section 50C. The addition sustained under section 50C was deleted. - ITAT
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