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...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
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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