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 ...
Deduction under section 54F was held allowable despite non-deposit of the unutilized capital gains in the Capital Gains Account Scheme before the return due date, because the assessee had actually invested the amount in purchase or construction of a residential house within the time permitted under section 54F(1). The Tribunal held that section 54F(4) applies where the assessee seeks to retain the unutilized amount while claiming exemption; it does not by itself defeat relief when the investment condition is otherwise satisfied. The disallowance was reversed and the Assessing Officer was directed to allow the deduction.
Deduction under section 54F was held allowable despite non-deposit of the unutilized capital gains in the Capital Gains Account Scheme before the return due date, because the assessee had actually invested the amount in purchase or construction of a residential house within the time permitted under section 54F(1). The Tribunal held that section 54F(4) applies where the assessee seeks to retain the unutilized amount while claiming exemption; it does not by itself defeat relief when the investment condition is otherwise satisfied. The disallowance was reversed and the Assessing Officer was directed to allow the deduction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4790
Join Channel
TaxTMI 
