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Other Developments
A curated list of other prominent stories from this day.
12:36 AMEconomic Times Realty
No tax on value of new property under redevelopment agreement: ITAT
Summary
The Income Tax Appellate Tribunal cancelled a Rs 1.3 crore tax addition imposed on property owners receiving a newly developed flat under a redevelopment agreement. It held that Section 56(2)(x) applies only when the property is actually received, not while construction remains incomplete.
The ruling shifts the tax point from the redevelopment agreement or construction stage to the
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Why it matters
Redevelopment agreements may no longer trigger Section 56(2)(x) tax merely because a future property has been promised or is under construction.
CBI report flags deviations from DLF Primus brochure plan in Gurugram: SC
Summary
The Supreme Court noted major differences between DLF Primus's original brochure plan and the project as built, including the apparent absence of much of a planned 24-metre corridor. The court asked the CBI to expedite its preliminary inquiry and directed the Haryana government to ensure future construction complies with legal requirements.
The court's intervention puts DLF Primus's planning approvals and execution under formal investigative scrutiny, while
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Why it matters
The case could strengthen judicial oversight of real-estate approvals and raise compliance risks for projects that diverge from their sanctioned plans.