GST on JDAs in Real Estate: Setback from GoM Decision likely
The Group of Ministers ( GoM ) on Goods and Services Tax ( GST ) Council is unlikely to recommend any tax relief for the real estate sector,...
![ITAT allows Deduction claimed u/s 54F of Income Tax Act with respect all apartment units received pursuant to JDA [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-deduction-claimed-us-54F-of-Income-Tax-Act-apartment-units-received-pursuant-to-JDA-TAXSCAN.jpg "ITAT allows Deduction claimed u/s 54F of Income Tax Act with respect all apartment units received pursuant to JDA [Read Order]")
![ITAT allows deduction claimed u/s 54F of Income Tax Act with respect all apartment units received pursuant to JDA [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-bangalore-Joint-Development-Agreement-tax-updates-taxscan.jpg "ITAT allows deduction claimed u/s 54F of Income Tax Act with respect all apartment units received pursuant to JDA [Read Order]")
![JDA Amendment for sharing consideration: ITAT quashes Revision Order passed without providing Valid Reason [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Ahmedabad-Income-Tax-JDA-Amendment-TAXSCAN.jpg "JDA Amendment for sharing consideration: ITAT quashes Revision Order passed without providing Valid Reason [Read Order]")
Reopening of Assessment u/s 147 can't be initiated when no Transfer took place on Account of JDA entered by "Group of Assessee": ITAT [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that reopening of the assessment under Section 147 of the Income Tax Act, 1961 cannot be initiated when no transfer took place on...
![Reopening of Assessment u/s 147 cant be initiated when no Transfer took place on Account of JDA entered by Group of Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Reopening-of-Assessment-Transfer-took-place-on-Account-of-JDA-entered-Group-of-Assessee-ITAT-TAXSCAN.jpg "Reopening of Assessment u/s 147 cant be initiated when no Transfer took place on Account of JDA entered by Group of Assessee: ITAT [Read Order]")
Income from Sale of Land held as “Stock-in-Trade” by Builder Taxable as “Business Income”, Not “Capital Gain”: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai Bench has recently, in an appeal filed before it, held that the Income from sale of Land considered as “Stock-in- Trade” by builder and Taxable...
![Income from Sale of Land held as “Stock-in-Trade” by Builder Taxable as “Business Income”, Not “Capital Gain”: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Stock-in-Trade-Builder-Taxable-Business-Income-Capital-Gain-ITAT-TAXSCAN.jpg "Income from Sale of Land held as “Stock-in-Trade” by Builder Taxable as “Business Income”, Not “Capital Gain”: ITAT [Read Order]")
Property Transferred to Developer under Joint Development Agreement not subject to Wealth Tax: Karnataka HC [Read Judgment]
A division bench of the Karnataka High Court consisting of Justices P.S. Dinesh Kumar and Anant Ramanath Hegde has held that the assessee was not liable to pay Wealth Tax with respect to a property,...
Compensation to Developer on Termination of JDA cannot be claimed as 'Project Expenditure': ITAT upholds Addition [Read Order]
The Chennai bench of the ITAT has held that the amount of compensation paid to the developer on termination of a Joint Development Agreement cannot be claimed as “Project Expenditure” under the...
![Compensation to Developer on Termination of JDA cannot be claimed as Project Expenditure: ITAT upholds Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Compensation-Developer-Termination-of-JDA-Project-Expenditure-ITAT-Taxscan.jpeg "Compensation to Developer on Termination of JDA cannot be claimed as Project Expenditure: ITAT upholds Addition [Read Order]")
No Capital Gain since Land Owner granted Permissive Possession to Builder under JDA: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that no capital gain can be computed in the hands of the assessee (landowner) on the ground that only permissive possession...
![No Capital Gain since Land Owner granted Permissive Possession to Builder under JDA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/02/ITAT-Bangalore-Capital-Gain-Land-Owner-Builder-JDA-ITAT-taxscan.jpg "No Capital Gain since Land Owner granted Permissive Possession to Builder under JDA: ITAT [Read Order]")
Owner eligible to Deduct Cost of Construction from Sale Consideration of Flats received under JDA: ITAT [Read Order]
In an assessee-friendly ruling, the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee, an owner under the Joint development Agreement, shall be entitled to adjust...
![Owner eligible to Deduct Cost of Construction from Sale Consideration of Flats received under JDA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Cost-of-Construction-Sale-Consideration-Flats-JDA-ITAT-taxscan.jpg "Owner eligible to Deduct Cost of Construction from Sale Consideration of Flats received under JDA: ITAT [Read Order]")
Land Development does not constitute Sale, Taxable at Transaction Value actually Paid: AAR [Read Order]
The Authority on Advance Rulings (AAR) in Karnataka held that land development does not constitute a sale and is hence taxable at the transaction value actually paid of payable of the service as under...
![Land Development does not constitute Sale, Taxable at Transaction Value actually Paid: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/11/Land-Development-GST-AAR-Taxscan.jpg "Land Development does not constitute Sale, Taxable at Transaction Value actually Paid: AAR [Read Order]")