Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Section 54F is a beneficial capital gains exemption provision that requires liberal construction to promote investment in residential property. Where capital gains are invested in purchase or construction, delayed completion, possession or registration caused by circumstances beyond the assessee's control does not defeat the exemption. The article notes that establishing the qualifying investment is the essential requirement, rather than execution of a registered sale deed or completion within the stipulated period. On this basis, denial of the exemption was treated as illegal, the claimed Section 54F relief was granted, and the impugned order was set aside.
Section 54F is a beneficial capital gains exemption provision that requires liberal construction to promote investment in residential property. Where capital gains are invested in purchase or construction, delayed completion, possession or registration caused by circumstances beyond the assessee's control does not defeat the exemption. The article notes that establishing the qualifying investment is the essential requirement, rather than execution of a registered sale deed or completion within the stipulated period. On this basis, denial of the exemption was treated as illegal, the claimed Section 54F relief was granted, and the impugned order was set aside.
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