Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
Interest paid on borrowed funds for the purchase of property, prior to the amendment introduced by the Finance Act 2023 (effective from 01.04.2024), would be deductible while computing capital gains, in addition to the deduction claimed u/s 24(b) of the Income Tax Act. The Tribunal and the High Court have upheld the assessee's claim, following the principle that if two reasonable interpretations of a tax provision are possible, the interpretation favourable to the taxpayer should be adopted. The Tribunal and the Commissioner have consistently allowed the deduction in earlier years, adhering to the rule of consistency. The amendment restricting the inclusion of interest paid as part of cost of acquisition/improvement is prospective and cannot be applied retrospectively.
Interest paid on borrowed funds for the purchase of property, prior to the amendment introduced by the Finance Act 2023 (effective from 01.04.2024), would be deductible while computing capital gains, in addition to the deduction claimed u/s 24(b) of the Income Tax Act. The Tribunal and the High Court have upheld the assessee's claim, following the principle that if two reasonable interpretations of a tax provision are possible, the interpretation favourable to the taxpayer should be adopted. The Tribunal and the Commissioner have consistently allowed the deduction in earlier years, adhering to the rule of consistency. The amendment restricting the inclusion of interest paid as part of cost of acquisition/improvement is prospective and cannot be applied retrospectively.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
