Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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...
Capital-gains exemption for investment in an under-construction residential flat is discussed as available where the taxpayer books the flat promptly, substantially invests the consideration within the statutory period, and the developer's later delay causes delayed completion or registration. Allotment and staged payments are treated as construction through the developer, and a beneficial exemption is described as requiring liberal interpretation where the taxpayer has met obligations. The note also explains that an exemption claim omitted from the return may be admitted on appeal when supporting computation, booking and payment records are already on record; the restriction on fresh claims applies to the Assessing Officer, not appellate authorities.
Capital-gains exemption for investment in an under-construction residential flat is discussed as available where the taxpayer books the flat promptly, substantially invests the consideration within the statutory period, and the developer's later delay causes delayed completion or registration. Allotment and staged payments are treated as construction through the developer, and a beneficial exemption is described as requiring liberal interpretation where the taxpayer has met obligations. The note also explains that an exemption claim omitted from the return may be admitted on appeal when supporting computation, booking and payment records are already on record; the restriction on fresh claims applies to the Assessing Officer, not appellate authorities.
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