https://www.taxtmi.com/caselaws?id=757954 ITAT Bangalore dismissed Revenue's appeal regarding deemed rental income addition on flats acquired through joint development agreement. Court applied equality principle from Union of India v. Kaumudini Narayan Dalal, noting Revenue cannot selectively assess parties to same transaction when other co-owners weren't taxed similarly. Capital gains from flat sale were correctly treated as long-term based on 1960 land acquisition date, following consistency principle from Radhasoami Satsang case. However, plant and machinery rental income issue was remanded to AO for fresh examination due to computational discrepancies and unclear TDS treatment. en-us Tue, 30 Jul 2024 00:00:00 +0530 Thu, 05 Sep 2024 07:50:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757954 ITAT Bangalore dismissed Revenue's appeal regarding deemed rental income addition on flats acquired through joint development agreement. Court applied equality principle from Union of India v. Kaumudini Narayan Dalal, noting Revenue cannot selectively assess parties to same transaction when other co-owners weren't taxed similarly. Capital gains from flat sale were correctly treated as long-term based on 1960 land acquisition date, following consistency principle from Radhasoami Satsang case. However, plant and machinery rental income issue was remanded to AO for fresh examination due to computational discrepancies and unclear TDS treatment. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757954