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Validity of faceless assessment procedure challenged for jurisdictional AO intervention mid-remand, resulting in quashing of assessment for procedural...
Disallowance of deduction under sections 54B and 54F was examined; tribunal concluded the assessee is not entitled to either deduction and capital gain tax is payable on sale of flats, outcome: taxability established. Tribunal accepted that a registered joint venture agreement effected transfer earlier, making the share in constructed flats a capital asset and the market value at receipt (post occupancy certificate) constitutes cost of acquisition, outcome: cost to be treated from assessment year 2015-16. Tribunal allowed an additional claim before appellate authorities and restored the matter to the assessing officer to verify long term capital gain computation and determine correct tax liability.
Disallowance of deduction under sections 54B and 54F was examined; tribunal concluded the assessee is not entitled to either deduction and capital gain tax is payable on sale of flats, outcome: taxability established. Tribunal accepted that a registered joint venture agreement effected transfer earlier, making the share in constructed flats a capital asset and the market value at receipt (post occupancy certificate) constitutes cost of acquisition, outcome: cost to be treated from assessment year 2015-16. Tribunal allowed an additional claim before appellate authorities and restored the matter to the assessing officer to verify long term capital gain computation and determine correct tax liability.
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