Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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The ITAT Surat held that the assessee failed to fulfill conditions for LTCG deduction u/s 54F but allowed the deduction. The assessee used advance payments for construction of a new house. The ITAT cited M. George Jeoseph case to support the claim. Payments made to parties before and after filing return were justified. The ITAT referred to the ITO Vs. Rekha Shetty case to emphasize compliance with the main requirement of section 54. The CIT(A) approved deduction, noting genuine expenses for house construction. All payments to parties were supported by evidence. The Revenue's appeal was dismissed.
The ITAT Surat held that the assessee failed to fulfill conditions for LTCG deduction u/s 54F but allowed the deduction. The assessee used advance payments for construction of a new house. The ITAT cited M. George Jeoseph case to support the claim. Payments made to parties before and after filing return were justified. The ITAT referred to the ITO Vs. Rekha Shetty case to emphasize compliance with the main requirement of section 54. The CIT(A) approved deduction, noting genuine expenses for house construction. All payments to parties were supported by evidence. The Revenue's appeal was dismissed.
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