Day: March 15, 2016

Assessee not liable to LTCG as registered owner where land leased to builder for flats construction and payments received directly by builder

Assessee not liable to Long Term Capital Gain for being registered owner where the land was leased out to a builder company for construction of flats and payments for flat sales were received directly by the builder. Case Details: INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI I.T.A. No 4518/Mum/2012 Assessment …

Additions made for non furnishing name address details of raddi-wallas for purchases made deleted

In case of purchases made from small raddi-walas/kabadi-walas  it is not practically possible to have them supported by bills. It is equally not possible to furnish details of such small raddi-walas/kabadi-walas. Case Details: INCOME TAX APPELLATE TRIBUNAL AHMEDABAD ITA. No: 1360 & 1552/AHD/2012 (Assessment Year: 2006-07) ITA. No: 1361 & 1553/AHD/2012 …