Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
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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