Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
LTCG deductions claimed u/s 54B are allowed if the capital gain is utilized for purchasing a new asset before the date of furnishing the return of income u/s 139, including the extended time limit u/s 139(4). When an assessee files a return subsequent to the due date u/s 139(1) but within the extended time limit u/s 139(4), the benefit of investment made up to the date of furnishing the return cannot be denied. In the instant case, the assessee paid the seller on 29.03.2017 and filed the return on the same date, satisfying the requirement of Section 54B(2) for utilizing capital gains before furnishing the return u/s 139(4).
LTCG deductions claimed u/s 54B are allowed if the capital gain is utilized for purchasing a new asset before the date of furnishing the return of income u/s 139, including the extended time limit u/s 139(4). When an assessee files a return subsequent to the due date u/s 139(1) but within the extended time limit u/s 139(4), the benefit of investment made up to the date of furnishing the return cannot be denied. In the instant case, the assessee paid the seller on 29.03.2017 and filed the return on the same date, satisfying the requirement of Section 54B(2) for utilizing capital gains before furnishing the return u/s 139(4).
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