Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
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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