Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Assignment of long term leasehold rights constitutes transfer of benefits arising out of immovable property where the lease is for a 95 year term and the lease permits transfer; such a transaction lacks the essential element of a supply of services in the course or furtherance of business and therefore falls outside the GST levy. The reasoning adopts prior precedent treating assignment/sale of leasehold rights by an allottee to a third party assignee as transfer of immovable property benefits, and on that basis the writ petition challenging taxability was allowed.
Assignment of long term leasehold rights constitutes transfer of benefits arising out of immovable property where the lease is for a 95 year term and the lease permits transfer; such a transaction lacks the essential element of a supply of services in the course or furtherance of business and therefore falls outside the GST levy. The reasoning adopts prior precedent treating assignment/sale of leasehold rights by an allottee to a third party assignee as transfer of immovable property benefits, and on that basis the writ petition challenging taxability was allowed.
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