Prospective valuation amendment limits reassessment: unamended fair market value reference could not justify reopening based on a registered valuer's ...
Exemption for examination-related services rejected where recipients were commercial entities; suppression sustained extended limitation and penalties...
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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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