The ITAT has ruled that stamp duty valuation for urban areas does not automatically determine a property’s agricultural status for income tax. The tribunal cited official revenue records, evidence of actual cultivation, and the absence of formal conversion as key determinants. The decision limits tax additions that buyers may face when urban stamp duty rates inflate valuations.
A recent ITAT Mumbai decision says tenants who receive compensation for surrendering tenancy rights may avoid income tax by reinvesting the amount into a residential property. The tribunal held that tenancy rights are capital assets, and surrender amounts to a transfer—potentially enabling exemption under Section 54F if the reinvestment conditions are met.
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An employee was slapped with a Rs 10 lakh penalty for failing to disclose foreign ESOPs in his ITR. But the ITAT Chennai set aside the order, holding the omission was accidental and bona fide, especially since it was the first year the reporting requirement applied. The case highlights how intent and reporting context can swing tax penalties.
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