Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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...
Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable income. The Tribunal held that the assessee's wife was dependent, and her income was rightly included in the assessee's return u/s 64(1). Regarding Section 54F, which provides exemption from long-term capital gains on the sale of a residential property if the proceeds are invested in another residential property, the Tribunal held that the investment in two adjacent flats by the assessee's wife qualified as a single residential unit. Therefore, the assessee was eligible for the exemption u/s 54F, despite the amendment restricting it to one residential unit from April 1, 2015. The Tribunal relied on previous judicial precedents and allowed the assessee's appeal.
Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable income. The Tribunal held that the assessee's wife was dependent, and her income was rightly included in the assessee's return u/s 64(1). Regarding Section 54F, which provides exemption from long-term capital gains on the sale of a residential property if the proceeds are invested in another residential property, the Tribunal held that the investment in two adjacent flats by the assessee's wife qualified as a single residential unit. Therefore, the assessee was eligible for the exemption u/s 54F, despite the amendment restricting it to one residential unit from April 1, 2015. The Tribunal relied on previous judicial precedents and allowed the assessee's appeal.
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