Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Civil and electrical works incurred to render a newly acquired residential flat habitable were treated as allowable cost of improvement because the record showed the flat was not habitable on purchase, and the ad hoc restriction of the claim was unsustainable. Under the unamended section 54, deduction could not be denied merely because the capital gain was invested in more than one residential house, as the single-house restriction applied only prospectively from 1 April 2015. The unspent amount deposited in the Capital Gains Account Scheme under section 54(2) was also not taxable in the assessment year, since any disallowance could arise only after expiry of the prescribed three-year period.
Civil and electrical works incurred to render a newly acquired residential flat habitable were treated as allowable cost of improvement because the record showed the flat was not habitable on purchase, and the ad hoc restriction of the claim was unsustainable. Under the unamended section 54, deduction could not be denied merely because the capital gain was invested in more than one residential house, as the single-house restriction applied only prospectively from 1 April 2015. The unspent amount deposited in the Capital Gains Account Scheme under section 54(2) was also not taxable in the assessment year, since any disallowance could arise only after expiry of the prescribed three-year period.
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