1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

Date of acquisition of property

ByCA Gopal Nathani

Jul 12, 2022

Neither did the possession not do the sale deed/registration is key to the acquisition of property.

According to Bangalore bench (2021) 23 ITR (trib)-OL 625 the acquisition is taken as the date by when substantial payments ( in this case nearly 70-75%) are made . In this case the agreement and allotment got made in 1996 when substantial payments were made and it is only that the balance of 25-30% were made in 2006 while taking possession and execution of sale deed. The assessee sold the property a year after in 2007 to which the AO alleged as short term sale transaction.

This assessee got indexation from 1996 onwards as also an acknowledgment to the transfer of long term capital asset.