Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's valuation report was found unreliable. The matter was remanded to the Assessing Officer to refer it to the District Valuation Officer (DVO) to determine the correct market value as on 01.04.1981, after considering the assessee's objections. 2. Denial of deduction u/s 54F for purchase of new residential property: The ITAT upheld the disallowance, as the assessee failed to establish that a residential house was purchased within the stipulated time. 3. Date of acquisition of new property for Section 54F: The ITAT accepted the assessee's contention that the investment date should be considered as 26.07.2017, when the agreement was executed and full payment was made, despite delayed registration. 4. Addition for unexplained cash deposits in bank account: The ITAT treated cash deposits up to Rs. 15.48 lakhs as explained from agricultural income but confirmed the addition of Rs. 9 lakhs for unexplained cash deposits during demonetization.
The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's valuation report was found unreliable. The matter was remanded to the Assessing Officer to refer it to the District Valuation Officer (DVO) to determine the correct market value as on 01.04.1981, after considering the assessee's objections. 2. Denial of deduction u/s 54F for purchase of new residential property: The ITAT upheld the disallowance, as the assessee failed to establish that a residential house was purchased within the stipulated time. 3. Date of acquisition of new property for Section 54F: The ITAT accepted the assessee's contention that the investment date should be considered as 26.07.2017, when the agreement was executed and full payment was made, despite delayed registration. 4. Addition for unexplained cash deposits in bank account: The ITAT treated cash deposits up to Rs. 15.48 lakhs as explained from agricultural income but confirmed the addition of Rs. 9 lakhs for unexplained cash deposits during demonetization.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
