Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
LTCG - denial of a claim of exemption u/s 54 - new residential house property was purchased only after the lapse of two years from the sale of original property - The Tribunal found that the assessee had deposited the entire sale consideration in the Capital Gains Scheme Account before the due date for filing the return of income. Consequently, the Tribunal held that the assessee complied with the provisions of Section 54(2) of the Act. - Regarding the purchase of the new residential property, the Tribunal observed that the property bought by the assessee was an under-construction flat, for which the occupation certificate was awaited. As a result, they directed further examination to determine if the extended period of three years for construction as provided under Section 54 of the Act applied in this case.
LTCG - denial of a claim of exemption u/s 54 - new residential house property was purchased only after the lapse of two years from the sale of original property - The Tribunal found that the assessee had deposited the entire sale consideration in the Capital Gains Scheme Account before the due date for filing the return of income. Consequently, the Tribunal held that the assessee complied with the provisions of Section 54(2) of the Act. - Regarding the purchase of the new residential property, the Tribunal observed that the property bought by the assessee was an under-construction flat, for which the occupation certificate was awaited. As a result, they directed further examination to determine if the extended period of three years for construction as provided under Section 54 of the Act applied in this case.
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