Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Section 54F relief was available where the assessee booked an under-construction flat, paid substantially the entire consideration within the statutory period, and obtained registration later. The Tribunal treated the transaction as falling within the construction limb of Section 54F, so the three-year period applied and delayed execution of the sale deed did not defeat the claim. It further held that, even on a purchase analysis, the critical factor was acquisition of substantial domain over the property through timely substantial payment, not the date of registration alone. On these facts, the deduction was allowed and the denial by the lower authorities was reversed.
Section 54F relief was available where the assessee booked an under-construction flat, paid substantially the entire consideration within the statutory period, and obtained registration later. The Tribunal treated the transaction as falling within the construction limb of Section 54F, so the three-year period applied and delayed execution of the sale deed did not defeat the claim. It further held that, even on a purchase analysis, the critical factor was acquisition of substantial domain over the property through timely substantial payment, not the date of registration alone. On these facts, the deduction was allowed and the denial by the lower authorities was reversed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
