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Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
Transfer of a flat under a development arrangement was held not to generate STCG because the assessee never received possession or "held" the first-floor flat; the buyer was put in vacant possession during construction and conveyance was executed directly, so the assessee's transfer was of undivided land share with attributable improvement cost, warranting LTCG treatment; AO directed to compute LTCG and CIT(A) set aside. Expenditure incurred to deliver a finished area to the original lessor under a pre-existing lease obligation was allowable in computing capital gains under s. 48; addition deleted. Exemption under s. 54(2) was allowed since amounts kept in term deposits were actually utilized for construction within the stipulated period despite not being parked in CGDS; AO directed to grant exemption. - ITAT
Transfer of a flat under a development arrangement was held not to generate STCG because the assessee never received possession or "held" the first-floor flat; the buyer was put in vacant possession during construction and conveyance was executed directly, so the assessee's transfer was of undivided land share with attributable improvement cost, warranting LTCG treatment; AO directed to compute LTCG and CIT(A) set aside. Expenditure incurred to deliver a finished area to the original lessor under a pre-existing lease obligation was allowable in computing capital gains under s. 48; addition deleted. Exemption under s. 54(2) was allowed since amounts kept in term deposits were actually utilized for construction within the stipulated period despite not being parked in CGDS; AO directed to grant exemption. - ITAT
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