Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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