Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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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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