https://www.taxtmi.com/caselaws?id=467435 The note addresses three revenue issues before ITAT: (i) taxability of a refundable security deposit-the Tribunal applied the principle that an arbitral award which conclusively fixes entitlement creates certainty of receipt, and directed taxation in the year the award crystallised (AY 2024-25); (ii) characterisation of interior works-on documentary evidence, payments through banking channels and enhancement of property value the Tribunal treated the expenditures as capital in nature and allowed them as cost of improvement for long term capital gains; (iii) valuation basis for capital gains-the Tribunal required fair market value to be computed on the area allotted per the occupancy certificate and sustained the assessee's market based valuation. en-us Wed, 13 Nov 2024 00:00:00 +0530 Thu, 19 Mar 2026 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467435 The note addresses three revenue issues before ITAT: (i) taxability of a refundable security deposit-the Tribunal applied the principle that an arbitral award which conclusively fixes entitlement creates certainty of receipt, and directed taxation in the year the award crystallised (AY 2024-25); (ii) characterisation of interior works-on documentary evidence, payments through banking channels and enhancement of property value the Tribunal treated the expenditures as capital in nature and allowed them as cost of improvement for long term capital gains; (iii) valuation basis for capital gains-the Tribunal required fair market value to be computed on the area allotted per the occupancy certificate and sustained the assessee's market based valuation. Case-Laws Income Tax Wed, 13 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467435