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'Redevelopment agreement not a property receipt, so not taxable': ITAT
Mumbai ITAT ruled agreement registration does not mean property receipt. Tax cannot be levied on future property rights under anti-abuse provisions. The tribunal allowed a taxpayer's appeal against a ₹1.38 crore tax addition. Registration creates contractual rights, not actual property possession or receipt. This decision clarifies tax treatment for ongoing redevelopment projects in Mumbai.
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economictimes.indiatimes.com
'Redevelopment agreement not a property receipt, so not taxable': ITAT
Mumbai ITAT ruled agreement registration does not mean property receipt. Tax cannot be levied on future property rights under anti-abuse provisions. The tribunal allowed a…
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timesofindia.indiatimes.com
ITAT: Sale of redeveloped flat led to long term cap gains
Mumbai is witnessing a plethora of redevelopment projects, under which flat owners get new redeveloped flats. When this new flat is sold, litigation arises on whether the ‘new…