Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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