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2 clusters · 4 sources · 22 days · First seen · Last updated

Indian Income Tax Appellate Tribunal rulings

Overview

The Income Tax Appellate Tribunal (ITAT) in India has issued several rulings concerning property taxation, capital gains, and transaction documentation.

In early September, the Mumbai bench ruled that the value of new property from redevelopment agreements cannot be taxed until completion and possession, deleting a ₹1.3 crore tax addition. Concurrently, the Pune bench upheld a ₹9.92 crore Long Term Capital Gain addition, classifying land purchased from the Maharashtra Housing and Area Development Authority as a capital asset rather than agricultural land.

By late September, the Ahmedabad bench upheld a ₹14.85 lakh tax addition regarding Kushal Tradelink shares, stating that transaction records alone did not sufficiently prove the genuineness of gains. However, the tribunal referred a separate ₹40.74 lakh long-term capital loss claim back to the Commissioner of Income Tax (Appeals) for fresh consideration.

Entities

Income Tax Appellate Tribunal · Delhi ITAT · Chandigarh ITAT · Hospitech Management Consultants Pvt. Ltd. · Income Tax Department

Timeline

  1. [BUSINESS] 3 sources
    Income Tax Appellate Tribunal upholds ₹14.85 lakh tax addition

    The Ahmedabad Income Tax Appellate Tribunal upheld a ₹14.85 lakh tax addition on Kushal Tradelink share trades, ruling that transaction records alone do not prove the genuineness of gains.

  2. [BUSINESS] 3 sources
    Income Tax Appellate Tribunal issues key property tax rulings

    The Income Tax Appellate Tribunal has ruled that redevelopment property cannot be taxed before completion and upheld a ₹9.92 crore capital gains tax on urban land purchased from MHADA.

Sources

constrofacilitator.com · nyreport.com · taxguru.in · taxscan.in