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.
ArcelorMittal India is facing an enquiry after allegations of stamp duty irregularities linked to KSS Petron, a group company. Creditors claim stamp duty was wrongly handled during the assignment of loans ahead of KSS Petron’s acquisition of Essar Steel under the IBC. The matter is now under review, with scrutiny on how the duty was paid during the lead-up to the deal.
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