Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
LTCG - exemption claimed u/s 54F - fractional ownership - Whether joint ownership of 16.67% in six flats constituted owning more than one residential house. - The ITAT concluded that joint ownership is distinct from absolute ownership. None of the co-owners, including the appellant, could claim full ownership of any single flat. The Tribunal referred to the Hon’ble Supreme Court's decision in Seth Banarsi Dass Gupta v. CIT, which stated that fractional ownership does not equate to full ownership for tax exemptions. It also considered various ITAT decisions supporting this view. The Tribunal ruled that the appellant's joint ownership did not disqualify him from the exemption u/s 54F. The Assessing Officer was directed to allow the claimed exemption.
LTCG - exemption claimed u/s 54F - fractional ownership - Whether joint ownership of 16.67% in six flats constituted owning more than one residential house. - The ITAT concluded that joint ownership is distinct from absolute ownership. None of the co-owners, including the appellant, could claim full ownership of any single flat. The Tribunal referred to the Hon’ble Supreme Court's decision in Seth Banarsi Dass Gupta v. CIT, which stated that fractional ownership does not equate to full ownership for tax exemptions. It also considered various ITAT decisions supporting this view. The Tribunal ruled that the appellant's joint ownership did not disqualify him from the exemption u/s 54F. The Assessing Officer was directed to allow the claimed exemption.
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TaxTMI 
TaxTMI 
of 4918 
