Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Extended period of limitation unsustainable; allowable deductions for prompt payment discounts, pro rata recovery, freight and VAT led to demand being...
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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