Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The ITAT held that an agreement to purchase cannot be considered a purchase deed u/s 54F for LTCG deduction. Citing Suraj Lamp case, it clarified SA/GPA/WILL transactions are not transfers. Possession alone does not establish title. As the sale deed was not executed, the exemption u/s 54F was denied as conditions were unmet. The CIT(A) and AO's decision was upheld, emphasizing the need for registered documents to fulfill statutory requirements for claiming exemptions. The appeal was dismissed due to non-compliance with legal provisions.
The ITAT held that an agreement to purchase cannot be considered a purchase deed u/s 54F for LTCG deduction. Citing Suraj Lamp case, it clarified SA/GPA/WILL transactions are not transfers. Possession alone does not establish title. As the sale deed was not executed, the exemption u/s 54F was denied as conditions were unmet. The CIT(A) and AO's decision was upheld, emphasizing the need for registered documents to fulfill statutory requirements for claiming exemptions. The appeal was dismissed due to non-compliance with legal provisions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
