Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
LTCG - Disallowance u/s 54 - construction of new house begun before the sale of the old house - The Tribunal emphasized that section 54 does not mandate the utilization of sale proceeds from the original asset for the purchase or construction of the new asset. - Referring to decisions from various High Courts, the Tribunal held that exemption under section 54F is applicable even if the investment is made from borrowed funds, as long as it meets the stipulated timeline. - Regarding the timeline for construction and possession, the Tribunal reiterated that the relevant date should be determined based on when the builder offered possession or cleared the balance dues, rather than earlier stages of construction.
LTCG - Disallowance u/s 54 - construction of new house begun before the sale of the old house - The Tribunal emphasized that section 54 does not mandate the utilization of sale proceeds from the original asset for the purchase or construction of the new asset. - Referring to decisions from various High Courts, the Tribunal held that exemption under section 54F is applicable even if the investment is made from borrowed funds, as long as it meets the stipulated timeline. - Regarding the timeline for construction and possession, the Tribunal reiterated that the relevant date should be determined based on when the builder offered possession or cleared the balance dues, rather than earlier stages of construction.
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