Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
