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ITAT Delhi rules that Section 50C cannot be mechanically applied to leasehold property transfers, mandating a District Valuation Officer report if valuation is disputed. The ruling clarifies procedural compliance for capital gains assessment on leasehold rights, impacting taxpayers and tax authorities.
The Madhya Pradesh High Court ruled that an inadvertent, bona fide shop alteration by a lessee does not bar compounding of the violation - while the penalty must be paid, the municipal seal must be lifted immediately to restore livelihood rights. This affirms that administrative penalties must yield to the constitutional right to trade when no malice or intent to evade law exists, setting a critical precedent for small traders facing rigid municipal enforcement.
Allahabad High Court rules that a lessee without the right to sell units does not qualify as a 'promoter' under RERA, as the statutory definition mandates the ability to transfer or sell units. The judgment clarifies that leasehold arrangements lacking sale rights fall outside RERA's registration requirements, impacting real estate developers and regulatory authorities.
Bombay High Court holds that housing societies cannot enforce lease premium exceeding statutory ceiling under Section 79A of Maharashtra Co-operative Societies Act.