Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
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.
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