ITAT rules Rs 9.82 crore discount on DLF flat is not taxable income

A massive discount looked like income to taxmen

The Income Tax Appellate Tribunal (ITAT) has ruled that a property purchase discount is not taxable as income. In this case, a homebuyer received a Rs 9.82 crore discount on a Rs 32.95 crore DLF Camellias flat, after which the tax department issued a notice. The ITAT also allowed a Rs 9.65 crore capital gains exemption, reversing the lower authority’s view.