Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
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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