Declared value for used garments needs reliable comparables; restricted second-hand imports without licence may still attract confiscation and moderat...
Deduction under section 54F is described as available where an assessee purchases a qualifying residential property from a spouse or other relative, provided the transaction is legally valid and genuine. The notes state that tax benefit alone does not make an intra-family transaction a colourable device, and deduction cannot be denied on suspicion without material establishing a legal flaw. They further state that a spouse's later set-off of capital gains against business losses could not have been anticipated when the property transaction occurred and therefore did not justify denial. On this reasoning, the stated conclusion is that the section 54F disallowance was deleted and the appeal allowed.
Deduction under section 54F is described as available where an assessee purchases a qualifying residential property from a spouse or other relative, provided the transaction is legally valid and genuine. The notes state that tax benefit alone does not make an intra-family transaction a colourable device, and deduction cannot be denied on suspicion without material establishing a legal flaw. They further state that a spouse's later set-off of capital gains against business losses could not have been anticipated when the property transaction occurred and therefore did not justify denial. On this reasoning, the stated conclusion is that the section 54F disallowance was deleted and the appeal allowed.
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