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Authorities found the land had been sold decades earlier and the MOU acknowledged no possession or rights. The Tribunal affirmed taxation under section 56. The ruling clarifies that an MOU cannot convert non-rights into capital receipts.
The Tribunal held that rights received under a joint development agreement are not free but exchanged for land. Indexed cost must therefore be allowed while computing capital gains.
The issue was whether reassessment remains valid when no Section 143(2) notice is issued after a return is filed in response to Section 148. ITAT held such reassessment void, confirming that Section 143(2) is a mandatory jurisdictional requirement.
The Tribunal held that when the Assessing Officer disagrees with FMV supported by a registered valuer, a reference to the DVO is mandatory. Reliance solely on stamp duty rates was found improper, and the matter was remanded for fresh valuation.
The issue was whether a penalty can survive when the show cause notice fails to specify the exact charge. ITAT held that a vague notice violates law, making the entire penalty unsustainable.
The issue was whether TDS credit can be claimed by a person not named in the sale deed. ITAT held that TDS credit belongs only to the actual owners who executed the sale agreement.
The tribunal held that taxing the full sale consideration as short-term capital gain without allowing cost of acquisition is legally incorrect. Capital gains must be computed on net gains, not gross receipts.
Capital gains were computed without allowing improvement costs due to submission of an incorrect valuation report. The Tribunal held that a bona fide mistake justified reconsideration with correct evidence.
Judicial rulings clarify that Section 54 focuses on timely investment of capital gains, not rigid legal ownership milestones. The exemption depends on when and how the investment is made.
Total income includes capital gains for the ₹5 lakh limit, but the rebate cannot reduce tax on special-rate income. The key takeaway is that eligibility and adjustment operate differently.
