Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
ITAT held that the deeming fiction in section 50C is confined to computation of capital gains under section 48 and cannot be extended to the expression net consideration in section 54F. Section 54F operates on the actual consideration received or accrued, after transfer expenses, and the assessee satisfied the exemption condition by investing more than the actual sale consideration in a new residential house. Applying the settled rule that a deeming provision cannot be enlarged beyond its purpose, the Tribunal allowed full exemption under section 54F and held the capital gain not chargeable to tax; the agricultural land issue was left open as academic.
ITAT held that the deeming fiction in section 50C is confined to computation of capital gains under section 48 and cannot be extended to the expression net consideration in section 54F. Section 54F operates on the actual consideration received or accrued, after transfer expenses, and the assessee satisfied the exemption condition by investing more than the actual sale consideration in a new residential house. Applying the settled rule that a deeming provision cannot be enlarged beyond its purpose, the Tribunal allowed full exemption under section 54F and held the capital gain not chargeable to tax; the agricultural land issue was left open as academic.
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