Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Capital gains exemption for investment in a new residential property was allowed where the assessee had paid substantial consideration under an agreement to sell, taken possession, and committed the capital gains within the stipulated period. The later registration of the sale deed was not treated as fatal because the final conveyance acknowledged the earlier agreement, recorded the advance payment, and explained the delay by reference to the property being mortgaged and bank NOC not being obtained in time. The ITAT applied the principle that timely investment in the residential property, not mere postponement of formal registration, governs the relief and set aside the denial of exemption.
Capital gains exemption for investment in a new residential property was allowed where the assessee had paid substantial consideration under an agreement to sell, taken possession, and committed the capital gains within the stipulated period. The later registration of the sale deed was not treated as fatal because the final conveyance acknowledged the earlier agreement, recorded the advance payment, and explained the delay by reference to the property being mortgaged and bank NOC not being obtained in time. The ITAT applied the principle that timely investment in the residential property, not mere postponement of formal registration, governs the relief and set aside the denial of exemption.
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