Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
LTCG - Deduction claimed u/s 54 - ITAT allowed claim - The High Court notes that the issue revolves around long-term capital gains arising from an Apartment Buyers Agreement entered into before the property sale. - The ITAT's conclusion, aligning with previous case law, states that possession of the property was completed within three years from the sale, entitling the assessees to relief. Referring to precedent, the High Court reaffirms that the construction commenced within the mandated time frame, and the assessees fulfill the conditions under section 54 of the Act. The High Court dismisses the appeal of the Revenue, finding no substantial question of law raised and upholds the ITAT's decision.
LTCG - Deduction claimed u/s 54 - ITAT allowed claim - The High Court notes that the issue revolves around long-term capital gains arising from an Apartment Buyers Agreement entered into before the property sale. - The ITAT's conclusion, aligning with previous case law, states that possession of the property was completed within three years from the sale, entitling the assessees to relief. Referring to precedent, the High Court reaffirms that the construction commenced within the mandated time frame, and the assessees fulfill the conditions under section 54 of the Act. The High Court dismisses the appeal of the Revenue, finding no substantial question of law raised and upholds the ITAT's decision.
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