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The Tribunal held that where accounts are mandatorily auditable under another law, the extended deadline applies and deduction cannot be denied as time-barred.
Penalty imposed under Section 271AAA was set aside, holding that only the Assessing Officer is empowered to levy such penalty. The Tribunal further ruled that once quantum addition is deleted, penalty cannot survive.
Since the investment was examined and accepted in scrutiny proceedings for AY 2015–16, the Revenue could not re-characterize the cost during the sale year. The Tribunal dismissed the appeal and upheld full LTCG exemption.
The Tribunal held that year of acquisition is determined by payment and handing over of possession under Section 2(47)(v), not by later registration date. Earlier CII was allowed for capital gains computation.
The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier inflated valuation, and directed deletion of the resulting addition.
ITAT Mumbai held that deeming fiction of section 50C cannot be extended while working out the written down value [WDV] for the purpose of claiming depreciation on the block of asset. In other words, legal fiction for substantiating the sale consideration by the Stamp Duty Value created under either section 50 or section 43CA cannot be extended to section 32 for claiming depreciation on the block of the asset. Thus, order set aside.
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.
