SShortSingh.
TopTechnologyAI & MLStartupsProgrammingScienceBusinessFinanceCrypto & Web3World
Back to feed
India

ITAT overturns tax levy on home buyer due to property value rise before registration

0
·2 views

The Income Tax Appellate Tribunal ruled in favor of a property buyer who faced a significant tax demand. The tax department had levied over Rs 11.35 lakh under anti-evasion rules due to a gap between the purchase price and the higher stamp duty value. The transaction involved a property bought for Rs 1.23 crore, but its official stamp duty value was approximately Rs 22.71 lakh more. The tribunal found that the property's market value had genuinely increased in the period between the agreement and the registration, justifying the difference.

Read the full story at Times of India

This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Discussion (0)

Log in to join the discussion and vote.

Log in

Related stories

0
IndiaTimes of India ·

Army seeks thermal sights for machine guns, will help curb infiltration attempts on LoC

The Indian Army has initiated the procurement process for thermal imaging night sights for its medium machine guns. This equipment will allow troops to engage targets effectively from over 1,800 metres, regardless of visibility conditions. Thermal sights detect heat differences, providing an advantage over traditional night-vision systems that rely on ambient light. These sights enhance operational capabilities along challenging terrains and enable surveillance without revealing troop positions.

0 comments Read more at Times of India