Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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Long-term capital gains deduction u/s 54F can be claimed for investment in a residential property not solely owned by the assessee. The assessing officer's sole objection that the land on which capital gains were utilized for construction is not in the assessee's name but her husband's name is invalid. A purposive interpretation favoring the deduction should be preferred over a literal construction. Section 54F is a beneficial provision and should be interpreted liberally in favor of the taxpayer. The deduction should not be denied on hyper-technical grounds. The term 'assessee' must be given a wide interpretation to include legal heirs. Registration of the property in the assessee's name is not mandatory for claiming the deduction u/s 54. The terms 'own', 'ownership', and 'owned' have a wide connotation, and possession with the right to use and enjoy the property's usufructs constitutes ownership. Therefore, the assessee is eligible for deduction u/s 54F for investment in a residential house in her husband's name.
Long-term capital gains deduction u/s 54F can be claimed for investment in a residential property not solely owned by the assessee. The assessing officer's sole objection that the land on which capital gains were utilized for construction is not in the assessee's name but her husband's name is invalid. A purposive interpretation favoring the deduction should be preferred over a literal construction. Section 54F is a beneficial provision and should be interpreted liberally in favor of the taxpayer. The deduction should not be denied on hyper-technical grounds. The term 'assessee' must be given a wide interpretation to include legal heirs. Registration of the property in the assessee's name is not mandatory for claiming the deduction u/s 54. The terms 'own', 'ownership', and 'owned' have a wide connotation, and possession with the right to use and enjoy the property's usufructs constitutes ownership. Therefore, the assessee is eligible for deduction u/s 54F for investment in a residential house in her husband's name.
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