Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by the assessee and his wife, and their entitlement to claim exemption based on the sale proceeds invested in a new property. The key points are: the "original asset" was jointly owned by the assessee and his wife, giving them equal ownership rights; the term "property" encompasses valuable rights and interests; both the assessee and his wife are beneficial owners and liable for taxation on the income from the property; the assessee invested the sale proceeds from the "original asset" in a new property co-owned with his son, fulfilling the criteria for exemption u/s 54F; the exemption is applicable based on judicial precedents, and the income should be computed considering the assessee's share of ownership and investment in the new property.
Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by the assessee and his wife, and their entitlement to claim exemption based on the sale proceeds invested in a new property. The key points are: the "original asset" was jointly owned by the assessee and his wife, giving them equal ownership rights; the term "property" encompasses valuable rights and interests; both the assessee and his wife are beneficial owners and liable for taxation on the income from the property; the assessee invested the sale proceeds from the "original asset" in a new property co-owned with his son, fulfilling the criteria for exemption u/s 54F; the exemption is applicable based on judicial precedents, and the income should be computed considering the assessee's share of ownership and investment in the new property.
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