Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Key issues: 1) The treatment of long-term capital gain on inherited/gifted jewelry as short-term capital gain, where the assessee's claim of the jewelry being 30-40 years old was accepted based on valuation report, wife's statement, and jeweler's statement, allowing benefit u/s 54. 2) The disallowance of exemption u/s 54 for 50% share of the wife in the new house property was incorrect, as the entire investment was made by the assessee, and the full value was reflected in Form 26AS. 3) Based on the above findings, the assessee's appeal was allowed by the Appellate Tribunal.
Key issues: 1) The treatment of long-term capital gain on inherited/gifted jewelry as short-term capital gain, where the assessee's claim of the jewelry being 30-40 years old was accepted based on valuation report, wife's statement, and jeweler's statement, allowing benefit u/s 54. 2) The disallowance of exemption u/s 54 for 50% share of the wife in the new house property was incorrect, as the entire investment was made by the assessee, and the full value was reflected in Form 26AS. 3) Based on the above findings, the assessee's appeal was allowed by the Appellate Tribunal.
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