Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
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...
In the case of 2024 (5) TMI 1094 before the ITAT Mumbai, the issue revolved around the denial of exemption claimed u/s 54 of the Income Tax Act. The Tribunal acknowledged the challenges faced by house buyers in delayed construction projects. It was noted that the assessee had utilized only a portion of the Long Term Capital Gain for a new residential house. The Tribunal directed the Assessing Officer to tax only the balance amount u/s 45, in line with the proviso to section 54(2) of the Act. The AO was instructed to allow exemption for the amount utilized for the new residential flat. Consequently, the appeal was partly allowed on this ground.
In the case of 2024 (5) TMI 1094 before the ITAT Mumbai, the issue revolved around the denial of exemption claimed u/s 54 of the Income Tax Act. The Tribunal acknowledged the challenges faced by house buyers in delayed construction projects. It was noted that the assessee had utilized only a portion of the Long Term Capital Gain for a new residential house. The Tribunal directed the Assessing Officer to tax only the balance amount u/s 45, in line with the proviso to section 54(2) of the Act. The AO was instructed to allow exemption for the amount utilized for the new residential flat. Consequently, the appeal was partly allowed on this ground.
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