Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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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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