Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Revision u/s 263 - admissibility of deduction u/s 54F - CIT has misinterpreted the provision of law to hold that the assessee was ineligible to claim exemption u/s. 54F of the Act on the investment made in the land beyond two years - The Tribunal agreed with the assessee's interpretation of the law, stating that Section 54F allows a time period of three years for the construction of a house property to claim exemption. As the purchase of land was intended for construction, the Pr.CIT's interpretation was deemed incorrect. Consequently, the order of the Pr.CIT was set aside, and the appeal of the assessee was allowed.
Revision u/s 263 - admissibility of deduction u/s 54F - CIT has misinterpreted the provision of law to hold that the assessee was ineligible to claim exemption u/s. 54F of the Act on the investment made in the land beyond two years - The Tribunal agreed with the assessee's interpretation of the law, stating that Section 54F allows a time period of three years for the construction of a house property to claim exemption. As the purchase of land was intended for construction, the Pr.CIT's interpretation was deemed incorrect. Consequently, the order of the Pr.CIT was set aside, and the appeal of the assessee was allowed.
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