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Income from Other Sources

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In a major relief to housing societies, ITAT Mumbai has ruled that a Goregaon co-op society need not pay ₹11.38 crore tax on a 2015 redevelopment agreement that never materialised. The Tribunal held that notional stamp duty value does not constitute real income for the society.

Society Told to Pay ₹11.38 Crore as Income from Redevelopment

In a major relief to housing societies, ITAT Mumbai has ruled that a Goregaon co-op society need not pay ₹11.38 crore tax on a 2015 redevelopment agreement that never materialised. The Tribunal held that notional stamp duty value does not constitute real income for the society.
“Bought two flats for ₹2.25 crore in 2007. Received tax notice for ₹5.80 crore in 2020 just because stamp duty value jumped. How a single DVO report and the 10% tolerance rule saved both brothers from a massive tax bill — the full story.”

Bought Flats For ₹2.25 Crore, Received IT Dept Notice of ₹5.80 Crore

“Bought two flats for ₹2.25 crore in 2007. Received tax notice for ₹5.80 crore in 2020 just because stamp duty value jumped. How a single DVO report and the 10% tolerance rule saved both brothers from a massive tax bill — the full story.”