Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
