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...
The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering the assessee owned more than one residential house on the date of sale of the original asset. However, the ITAT held that incomes from residential houses held as stock-in-trade were not liable to tax under 'Income from House Property' and did not qualify as 'residential house' u/s 54F. The PCIT provided no reasoning for considering the stock-in-trade property as a residential house. Regarding agricultural land, the PCIT's finding of small houses qualifying as residential houses based on electricity supply and local tax assessment lacked legal basis. The ITAT set aside the PCIT's order denying Section 54F deduction and directing assessment under 'Income from House Property'. The PCIT's direction to deny Chapter VI-A deductions was also set aside as the assessee had not claimed any such deductions. The ITAT held the PCIT's order unsustainable due to lack of concrete findings of error in the AO's order.
The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering the assessee owned more than one residential house on the date of sale of the original asset. However, the ITAT held that incomes from residential houses held as stock-in-trade were not liable to tax under 'Income from House Property' and did not qualify as 'residential house' u/s 54F. The PCIT provided no reasoning for considering the stock-in-trade property as a residential house. Regarding agricultural land, the PCIT's finding of small houses qualifying as residential houses based on electricity supply and local tax assessment lacked legal basis. The ITAT set aside the PCIT's order denying Section 54F deduction and directing assessment under 'Income from House Property'. The PCIT's direction to deny Chapter VI-A deductions was also set aside as the assessee had not claimed any such deductions. The ITAT held the PCIT's order unsustainable due to lack of concrete findings of error in the AO's order.
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