A housing society has had a significant tax addition annulled by a tribunal. The amount in question was Rs 18.4 crore. The tribunal ruled that the society was acting as a representative for its flat owners, and the transactions reported were not its own revenues.
The decision was based on the fact that no sale proceeds appeared in the society's bank account. This ruling will have implications for housing societies involved in redevelopment projects.
Further details about the decision and its potential impact are available from the source.
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