Tag Archives: IN THE ITAT BANGALORE BENCH

Sale of TDRs received against land surrender generates taxable capital gains using surrendered land’s cost as acquisition cost. Issue Whether sale of Transferable Development Rights (TDRs) received in exchange for surrendering land and building gives rise to taxable capital gains, and how its cost of acquisition should be computed under Section 48. Facts Surrender of… Read More »

Fair Market Value Of JDA Built-Up Area Determines Consideration; Disallowance Of Interest Expenditure Is Impermissible With Sufficient Interest-Free Funds Issue Whether, for computing business income under a Joint Development Agreement (JDA) where land converted into stock-in-trade is exchanged for constructed area, the “full value of consideration” is to be determined based on the Fair Market… Read More »

Gain From Repurchase of Unexercised Vested Stock Options Is Taxable as Capital Gains, Not Salary Perquisite Issue Whether the consideration received by an employee upon the repurchase of vested stock options—which were never exercised into shares—is taxable as “Capital Gains” under Section 45 or as a salary “Perquisite” under Section 17(2) of the Income-tax Act,… Read More »

Notice of Demand Unbacked by Scrutiny Assessment Order Findings Is Legally Unsustainable Issue Whether a demand notice under Section 156 and computation sheet raising additional tax and interest is legally valid when the assessment order under Section 143(3) explicitly accepts the returned income without any additions or supporting findings. Facts Assessee Profile & Filing: The… Read More »