Redevelopment gains can’t be taxed in hands of CHS, rules Mumbai ITAT

The Mumbai ITAT has annulled a contentious Rs 18.4 crore tax addition for a housing society, stating the society served merely as a representative for its flat owners. The tribunal observed that the transactions reported under the society's PAN weren't its own revenues, given that no sale proceeds appeared in its bank account. This decision will benefit housing societies engaged in redevelopment projects.

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CBI conducts searches at 12 locations in builder banking nexus case; five new FIRs filed

The CBI carried out searches at twelve sites across three cities, resulting in the registration of five fresh fraud cases against real estate developers. This initiative aligns with Supreme Court directives aimed at addressing the concerns of homebuyers. During these searches, the agency seized crucial incriminating documents and digital devices, escalating the total number of cases against builders to fifty-five.

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Relief for 1,600 buyers as SC clears path for stalled Sushant Aquapolis project resolution plan

The Supreme Court has given the green light for the Sushant Aquapolis project to move forward. One City Infrastructure Pvt Ltd is now allowed to proceed with development without needing to assert land ownership. Following this court intervention, the Ghaziabad Development Authority has also approved the updated building plan.

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Delhi HC refuses to quash criminal case against Supertech executives

The existence of a criminal conspiracy is ordinarily a matter which is required to be inferred from the conduct of the parties and the circumstances brought on record, the HC said. Direct evidence of an agreement is seldom available, it said, adding that whether the material ultimately establishes a meeting of minds between the accused persons is a matter to be examined upon appreciation of the evidence and cannot ordinarily be conclusively determined in proceedings in the high court.

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Mumbai ITAT allows tax relief on two flats bought as one home

Mumbai's Income-Tax Appellate Tribunal has declared that two flats can be categorized as a single residential house. This pivotal decision paves the way for taxpayers to leverage deductions under Section 54F of the Income-Tax Act. By emphasizing the functional use of the properties, the tribunal ensures that those who invest in multiple residences for their families can take full advantage of this beneficial tax provision.

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M3M emerges as highest bidder for Noida land parcels at ₹1,850 crore

In a highly competitive bidding process, M3M has secured a 12.5-acre mixed-use land parcel in Sector 108 for approximately Rs 1,850 crore, significantly exceeding the reserve price of Rs 835 crore. The robust developer interest this land has generated illustrates the lucrative potential of mixed-use properties in Noida, with established players like DLF Ltd also vying for the prime location.

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SC rejects proposal of Parsvnath Developers for homebuyers, asked it to file another

The Supreme Court turned down Parsvnath Developers' request regarding flat possession and repayment. The court cautioned that a High-Powered Committee could be appointed if the builders don't offer an acceptable proposal. Additionally, a plea from the Insolvency Resolution Professional to access a frozen bank account was denied. The bench emphasized the ongoing struggles faced by homebuyers, linking them to numerous cases involving delayed possessions against the builder.

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