Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Intermediary service classification fails where overseas admission facilitation is supplied independently, preserving export treatment and small-provi...
Satellite transponder bandwidth is telecommunication, not Business Support Service; foreign non-telegraph providers triggered no service tax liability...
Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
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).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
