Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Section 54 capital-gains exemption remains available where capital gains are invested in a new residential house within the prescribed period, even if the unutilised amount was not deposited in the Capital Gains Account Scheme before the return-filing due date. Treating section 54 as a beneficial provision, the Tribunal regarded the deposit requirement as procedural where the substantive investment condition was met. The taxpayer's share in the jointly acquired property exceeded the capital gain and the purchase occurred before the extended return-filing due date. Accordingly, the section 54 deduction was allowed and the disallowance was deleted.
Section 54 capital-gains exemption remains available where capital gains are invested in a new residential house within the prescribed period, even if the unutilised amount was not deposited in the Capital Gains Account Scheme before the return-filing due date. Treating section 54 as a beneficial provision, the Tribunal regarded the deposit requirement as procedural where the substantive investment condition was met. The taxpayer's share in the jointly acquired property exceeded the capital gain and the purchase occurred before the extended return-filing due date. Accordingly, the section 54 deduction was allowed and the disallowance was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
