News

GST Authority has challenged the appellate relief granted to Kalpataru’s wholly-owned subsidiary Abacus Real Estate in a Rs. 1.35 crore transitional credit demand before the GSTAT.

GST Authority Appeals Relief Granted to Kalpataru Subsidiary in Rs 1.35 Crore Transitional Credit Dispute 

Judgement

The GSTAT held that a real estate project is considered completed only upon the actual issuance of the Occupancy Certificate and not on filing an application for the same.

GSTAT Rules That Project Completion Begins on Actual Occupancy Certificate, Not Mere Filing of Application

ITAT Holds Maintenance Charges Received Under Separate Agreements Taxable as Business Income And Not House Property Income

The ITAT held that the AO cannot make additions on issues unrelated to the reason for reopening when no addition is made on the original escapement ground, deleting a Rs 5.75 crore disallowance.

Real Estate Company Faced Rs. 5.75 Crore Tax Addition After Reassessment; ITAT Deletes Addition as It Was Not Part of Reopening Reasons

ITAT holds only the profit element in unaccounted receipts taxable and grants peak credit benefit.

Pune ITAT Restricts Taxation of Unrecorded Real Estate Receipts

The ITAT held that the Tax Department cannot use Section 154 rectification proceedings to reclassify survey-disclosed business income as unexplained money taxable under Section 115BBE.

ITAT Ahmedabad Holds On-Money Receipts from Real Estate Business Taxable as Business Income

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