Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed the inadequacy of the alleged residential house. The property lacked basic amenities necessary for habitation, such as proper boundary walls, kitchen, electricity, and water connections. Certificates provided by the assessee were deemed insufficient to counter the findings of the physical inspection. Consequently, the Tribunal upheld the decision to deny the deduction under section 54, ruling that the assessee had not constructed a residential house within the prescribed time and without the necessary amenities for dwelling.
LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed the inadequacy of the alleged residential house. The property lacked basic amenities necessary for habitation, such as proper boundary walls, kitchen, electricity, and water connections. Certificates provided by the assessee were deemed insufficient to counter the findings of the physical inspection. Consequently, the Tribunal upheld the decision to deny the deduction under section 54, ruling that the assessee had not constructed a residential house within the prescribed time and without the necessary amenities for dwelling.
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