Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Capital gains under sections 45 and 48 are to be computed asset-wise, so each transfer of a long-term capital asset is a distinct source of gain. On that basis, section 54 exemption must be examined with reference to each transferred residential house and not by aggregating gains from multiple sales into one composite figure for investment in only one new house. The proviso allowing investment in two residential houses, where the capital gain does not exceed the prescribed limit, also operates transfer-wise. As the assessee sold multiple flats and invested in several residential houses, the statutory condition was not breached and the full section 54 claim was allowed; the earlier consistent treatment of the same claim supported this result.
Capital gains under sections 45 and 48 are to be computed asset-wise, so each transfer of a long-term capital asset is a distinct source of gain. On that basis, section 54 exemption must be examined with reference to each transferred residential house and not by aggregating gains from multiple sales into one composite figure for investment in only one new house. The proviso allowing investment in two residential houses, where the capital gain does not exceed the prescribed limit, also operates transfer-wise. As the assessee sold multiple flats and invested in several residential houses, the statutory condition was not breached and the full section 54 claim was allowed; the earlier consistent treatment of the same claim supported this result.
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