https://www.taxtmi.com/caselaws?id=467435 Taxability of a retained refundable security deposit arises when an arbitral award conclusively crystallises entitlement, rather than in an earlier year when receipt remains uncertain; the amount is therefore included in income for the award year. Expenditure on interior works qualifies as capital cost of improvement for long-term capital gains where it enhances property value and is supported by bills, banking records and co-ownership evidence, rather than representing routine repairs. Fair market value and sale consideration for capital gains should be determined using the area actually allotted under the occupancy certificate where no documentary basis supports inclusion of additional super built-up area; comparable market-sale evidence may support that 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 Taxability of a retained refundable security deposit arises when an arbitral award conclusively crystallises entitlement, rather than in an earlier year when receipt remains uncertain; the amount is therefore included in income for the award year. Expenditure on interior works qualifies as capital cost of improvement for long-term capital gains where it enhances property value and is supported by bills, banking records and co-ownership evidence, rather than representing routine repairs. Fair market value and sale consideration for capital gains should be determined using the area actually allotted under the occupancy certificate where no documentary basis supports inclusion of additional super built-up area; comparable market-sale evidence may support that valuation. Case-Laws Income Tax Wed, 13 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467435