Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in spouse's name, disallowing deduction. Further investment claimed for LTCG was disallowed as AO did not consider additional payment for property improvement. Assessee provided evidence of payment to builder, but AO did not have these documents. The case is remanded to AO to allow assessee to substantiate the claim. The appeal is partly allowed for statistical purposes.
The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in spouse's name, disallowing deduction. Further investment claimed for LTCG was disallowed as AO did not consider additional payment for property improvement. Assessee provided evidence of payment to builder, but AO did not have these documents. The case is remanded to AO to allow assessee to substantiate the claim. The appeal is partly allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
