Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Receipt of a new residential flat in exchange for surrender of an old flat under a redevelopment arrangement was held not to be receipt of immovable property for inadequate consideration within section 56(2)(x). The Tribunal, relying on its earlier decision in Anil Dattaram Pitale v. ITO, found that the transaction was an exchange linked to redevelopment rather than a taxable transfer attracting deemed income. The addition made under section 56(2)(x) was therefore deleted in full, and the appeal was allowed on merits.
Receipt of a new residential flat in exchange for surrender of an old flat under a redevelopment arrangement was held not to be receipt of immovable property for inadequate consideration within section 56(2)(x). The Tribunal, relying on its earlier decision in Anil Dattaram Pitale v. ITO, found that the transaction was an exchange linked to redevelopment rather than a taxable transfer attracting deemed income. The addition made under section 56(2)(x) was therefore deleted in full, and the appeal was allowed on merits.
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