Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The ITAT Raipur held that an order passed in the name of a deceased assessee was invalid as legal heirs failed to disclose the death. Deduction u/s. 54F was denied as the deceased had not utilized sale proceeds for new property within the specified time. Section 159 requires compliance when an assessee dies during proceedings. Citing Dalumal Shyamumal case, the Tribunal declared the assessment order a nullity and directed a proper assessment. The order in the present case was deemed defective and null, criticizing the legal heirs for non-disclosure. The matter was remanded to CIT(A) for fresh consideration with legal heirs' involvement. Legal heirs must be given a chance to be heard. Appeal allowed for statistical purposes.
The ITAT Raipur held that an order passed in the name of a deceased assessee was invalid as legal heirs failed to disclose the death. Deduction u/s. 54F was denied as the deceased had not utilized sale proceeds for new property within the specified time. Section 159 requires compliance when an assessee dies during proceedings. Citing Dalumal Shyamumal case, the Tribunal declared the assessment order a nullity and directed a proper assessment. The order in the present case was deemed defective and null, criticizing the legal heirs for non-disclosure. The matter was remanded to CIT(A) for fresh consideration with legal heirs' involvement. Legal heirs must be given a chance to be heard. Appeal allowed for statistical purposes.
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