Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account in succeeding year cannot be taxed in year of transfer. As per Section 54F(4) proviso, unutilized amount withdrawn from CGAS account is taxable in previous year when three-year period from date of transfer expires. Assessee transferred capital asset on 29.07.2015, so three-year period expired on 29.07.2018 (A.Y. 2019-20). Unutilized Rs. 1 crore withdrawn from CGAS in A.Y. 2019-20 is taxable in that year, not in year of transfer. Authorities erred in taxing Rs. 1 crore as long-term capital gain in year of transfer. Decided in assessee's favor.
Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account in succeeding year cannot be taxed in year of transfer. As per Section 54F(4) proviso, unutilized amount withdrawn from CGAS account is taxable in previous year when three-year period from date of transfer expires. Assessee transferred capital asset on 29.07.2015, so three-year period expired on 29.07.2018 (A.Y. 2019-20). Unutilized Rs. 1 crore withdrawn from CGAS in A.Y. 2019-20 is taxable in that year, not in year of transfer. Authorities erred in taxing Rs. 1 crore as long-term capital gain in year of transfer. Decided in assessee's favor.
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