Browsing Tag

AY 2020-21

3 posts
Builder’s partners admitted receiving cash on-money. Homebuyer denied it and sought cross-examination. ITAT deletes entire ₹25 lakh addition.

ITAT Mumbai: Brokerage Paid After Property Sale is Fully Allowable for Capital Gains Deduction

Mumbai ITAT rules that brokerage paid after completion of property sale cannot be denied while computing capital gains. Full relief granted to assessee.
ITAT rules that mere mention of buyer’s name in builder’s seized Excel sheet is not enough to prove on-money payment and sustain addition. Addition of ₹25 lakh deleted.

Buyer’s Name in Builder’s Sheet Not Enough to Prove Cash Payment

ITAT rules that mere mention of buyer’s name in builder’s seized Excel sheet is not enough to prove on-money payment and sustain addition. Addition of ₹25 lakh deleted.
In a landmark order, the Maharashtra State Co-operative Appellate Court has upheld the removal of 50 defunct members from Irla CHS records, ruling that membership automatically ceases upon transfer of interest during redevelopment.

Can A Residential Flat Used As Clinic Claim Capital Gains Exemption, Meant for Commercial Property?

ITAT holds that using a residential flat as a clinic does not make it eligible for Section 54F exemption, but directs fresh consideration under Section 54.