https://www.taxtmi.com/highlights?id=97338 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. en-us Mon, 02 Mar 2026 15:42:04 +0530 Mon, 02 Mar 2026 15:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97338 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. Highlights Income Tax Mon, 02 Mar 2026 15:42:04 +0530 https://www.taxtmi.com/highlights?id=97338