Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
Page of 4792
Press 'Enter' after typing page number.
2541 to 2560 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Penalty under section 271(1)(c) was held not exigible on the addition relating to transfer of tenancy rights because the addition rested on the deeming fiction in section 50C, and the same reasoning used to delete penalty on the property transfer addition applied equally. Penalty was also deleted on the fixed deposit interest addition because the interest formed part of maturity proceeds, the investment was not disputed, and mere acceptance of the addition did not automatically establish concealment. The Tribunal held that each addition must be examined on its own facts before penalty can be imposed.
Penalty under section 271(1)(c) was held not exigible on the addition relating to transfer of tenancy rights because the addition rested on the deeming fiction in section 50C, and the same reasoning used to delete penalty on the property transfer addition applied equally. Penalty was also deleted on the fixed deposit interest addition because the interest formed part of maturity proceeds, the investment was not disputed, and mere acceptance of the addition did not automatically establish concealment. The Tribunal held that each addition must be examined on its own facts before penalty can be imposed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
