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...
Unsupported estimation of indexed acquisition and construction or improvement costs cannot sustain capital-gains additions where neither the taxpayers' claims nor the Assessing Officer's adopted land and construction rates are supported by evidence. The reported tribunal decision deleted the resulting cost adjustments in all appeals. For section 54F, acquisition of a new residential property within the statutory period preserves the exemption despite non-deposit of interim unutilised gains in the Capital Gains Account Scheme, treating that omission as procedural. Exemption was allowed for investments made within time, but remained unavailable where the residential-property investment itself occurred beyond the prescribed period.
Unsupported estimation of indexed acquisition and construction or improvement costs cannot sustain capital-gains additions where neither the taxpayers' claims nor the Assessing Officer's adopted land and construction rates are supported by evidence. The reported tribunal decision deleted the resulting cost adjustments in all appeals. For section 54F, acquisition of a new residential property within the statutory period preserves the exemption despite non-deposit of interim unutilised gains in the Capital Gains Account Scheme, treating that omission as procedural. Exemption was allowed for investments made within time, but remained unavailable where the residential-property investment itself occurred beyond the prescribed period.
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