Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Joint ownership of multiple residential properties at the time of sale of the original asset does not disqualify the assessee from claiming deduction u/s 54F of the Income Tax Act. The Appellate Tribunal, relying on the judgments of the Madras High Court in Dr. Smt. P.K.Vasanthi Rangarajan and the Mumbai ITAT in Zainul Abedin Ghaswala, held that merely owning another property jointly on the transfer date cannot be a ground for denying Section 54F deduction on capital gains from the sale of the original asset. The Tribunal upheld the CIT(A)'s findings, dismissing the Revenue's grounds on this issue.
Joint ownership of multiple residential properties at the time of sale of the original asset does not disqualify the assessee from claiming deduction u/s 54F of the Income Tax Act. The Appellate Tribunal, relying on the judgments of the Madras High Court in Dr. Smt. P.K.Vasanthi Rangarajan and the Mumbai ITAT in Zainul Abedin Ghaswala, held that merely owning another property jointly on the transfer date cannot be a ground for denying Section 54F deduction on capital gains from the sale of the original asset. The Tribunal upheld the CIT(A)'s findings, dismissing the Revenue's grounds on this issue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
