Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Section 54 relief was available where the assessee invested capital gains in an under-construction residential flat within the prescribed period. The ITAT held that booking a flat with a builder, supported by allotment letters and proof of payment, amounts to investment in construction of a residential house. Completion of construction, registration, or handing over of possession within the statutory period was not indispensable on these facts, especially where the delay was attributable to the developer and the assessee had made substantial payment within time. The Revenue's challenge failed, and the deduction under section 54 was upheld.
Section 54 relief was available where the assessee invested capital gains in an under-construction residential flat within the prescribed period. The ITAT held that booking a flat with a builder, supported by allotment letters and proof of payment, amounts to investment in construction of a residential house. Completion of construction, registration, or handing over of possession within the statutory period was not indispensable on these facts, especially where the delay was attributable to the developer and the assessee had made substantial payment within time. The Revenue's challenge failed, and the deduction under section 54 was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
