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Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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 Unutilized amount withdrawn from CGAS account in succeeding year cannot be taxed in year of transfer. As per Section 54F(4) proviso, unutilized amount withdrawn from CGAS account is taxable in previous year when three-year period from date of transfer expires.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 Unutilized Rs. 1 crore withdrawn from CGAS in A.Y. 2019-20 is taxable in that year, not in year of transfer.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 Unutilized amount withdrawn from CGAS account in succeeding year cannot be taxed in year of transfer. As per Section 54F(4) proviso, unutilized amount withdrawn from CGAS account is taxable in previous year when three-year period from date of transfer expires.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 Unutilized Rs. 1 crore withdrawn from CGAS in A.Y. 2019-20 is taxable in that year, not in year of transfer.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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