Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT held that contractual rebates conceded by a builder do not give rise to deemed income under the deeming provision where the agreed consideration exceeds the stamp/circle rate and rebates form part of the payment terms, so the addition treating such rebates as income from other sources was deleted. On the exemption claim, the Tribunal found the purchaser's acquisition satisfied the substantive 'purchase' test for residential exemption and that intra-family gifts and co-ownership did not amount to a colourable device to deny eligibility; denial of the exemption was reversed and appeal allowed.
ITAT held that contractual rebates conceded by a builder do not give rise to deemed income under the deeming provision where the agreed consideration exceeds the stamp/circle rate and rebates form part of the payment terms, so the addition treating such rebates as income from other sources was deleted. On the exemption claim, the Tribunal found the purchaser's acquisition satisfied the substantive 'purchase' test for residential exemption and that intra-family gifts and co-ownership did not amount to a colourable device to deny eligibility; denial of the exemption was reversed and appeal allowed.
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TaxTMI 
TaxTMI 
