Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Alternative statutory remedy under GST bars writ challenge where classification, notice variance, and hearing disputes require factual appellate revie...
The Appellate Tribunal held that the assessee is eligible to claim deduction u/s 54EC of the Income Tax Act for investment in bonds of the National Highway Authority of India (NHAI). The assessee had invested the advance money received towards the sale of a property in the specified NHAI bonds before the date of transfer. This is in line with Circular No. 359 and the Bombay High Court's decision in CIT vs. Subhash Vinayak Supnekar, which ruled that when an advance received under an agreement to sell a capital asset is invested in specified bonds, the benefit of Section 54EC is available. The Tribunal observed a direct nexus between the advance received and the investment made, thereby allowing the assessee's appeal.
The Appellate Tribunal held that the assessee is eligible to claim deduction u/s 54EC of the Income Tax Act for investment in bonds of the National Highway Authority of India (NHAI). The assessee had invested the advance money received towards the sale of a property in the specified NHAI bonds before the date of transfer. This is in line with Circular No. 359 and the Bombay High Court's decision in CIT vs. Subhash Vinayak Supnekar, which ruled that when an advance received under an agreement to sell a capital asset is invested in specified bonds, the benefit of Section 54EC is available. The Tribunal observed a direct nexus between the advance received and the investment made, thereby allowing the assessee's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
