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Since the reassessment notice was barred by limitation, the tribunal did not examine capital gains issues on merits. The ruling confirms that jurisdictional defects override substantive tax disputes.
Authorities applied a higher stamp value at registration to compute capital gains. The Tribunal corrected this by directing consideration of the stamp value on the agreement date, subject to verification.
The tribunal held that indexed cost of acquisition must be allowed while computing LTCG of a charitable trust. Indexation under Section 48 applies even when gains are treated as application of income under Section 11(1A).
The dispute involved denial of indexed interest while computing long-term capital gains. The Tribunal ruled that interest incurred wholly for acquiring an asset is deductible under Section 48.
The issue was whether sale involved only land or land with a residential house. The Tribunal ruled that the property sold included a residential structure, entitling the assessee to Section 54 exemption upon deposit in the capital gains scheme.
The Tribunal examined whether cost of improvement can be denied solely due to cash payments. It ruled that genuine documentary evidence is sufficient, reducing the section 50C addition substantially.
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.
ITAT Mumbai held that long-term capital gains earned from the transactions, which are grandfathered as per the provisions of Article 13(4) of the India-Mauritius DTAA, doesn’t form part of total income hence cannot be adjusted against the brought forward long-term capital loss incurred by the assessee. Accordingly, order set aside.
The issue was whether stamp duty value as on registration could override actual consideration received earlier. The Tribunal held that section 50C is a machinery provision and cannot be applied mechanically to post-transfer market increases.
The dispute centered on whether indexation could be claimed on a factory building sold along with land. The tribunal held that once depreciation is claimed, section 50 applies, and indexation is not permissible.
