Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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ITAT treated the exemption for capital gains invested in purchase of a plot and construction of a residential house as a beneficial provision requiring liberal, purposive construction. It held that once investment in acquisition and construction was established, strict insistence on a completion certificate or full completion within the period was not the sole test, and COVID-19 disruptions justified the delay; substantial compliance was enough, so the disallowance was unjustified and the exemption had to be allowed. On the stamp duty issue, it held that where the variation between purchase price and stamp duty value was below the enhanced 10% tolerance band, the curative amendment applied and the addition could not survive, so it was deleted.
ITAT treated the exemption for capital gains invested in purchase of a plot and construction of a residential house as a beneficial provision requiring liberal, purposive construction. It held that once investment in acquisition and construction was established, strict insistence on a completion certificate or full completion within the period was not the sole test, and COVID-19 disruptions justified the delay; substantial compliance was enough, so the disallowance was unjustified and the exemption had to be allowed. On the stamp duty issue, it held that where the variation between purchase price and stamp duty value was below the enhanced 10% tolerance band, the curative amendment applied and the addition could not survive, so it was deleted.
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