Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
ITAT adjudicated a tax dispute involving long-term capital gains (LTCG) and cost of acquisition determination. The tribunal directed the Assessing Officer (AO) to adopt fair market value based on an open auction transaction in a nearby village, rejecting previous valuation methods. Regarding section 54B deduction, the tribunal partially allowed the assessee's claim, permitting deduction for agricultural land purchased in the assessee's name and disallowing deduction for land purchased in the spouse's name. The decision emphasized consistent valuation principles and legal interpretation of land acquisition and tax deduction provisions, ultimately providing a nuanced resolution to the tax assessment challenges.
ITAT adjudicated a tax dispute involving long-term capital gains (LTCG) and cost of acquisition determination. The tribunal directed the Assessing Officer (AO) to adopt fair market value based on an open auction transaction in a nearby village, rejecting previous valuation methods. Regarding section 54B deduction, the tribunal partially allowed the assessee's claim, permitting deduction for agricultural land purchased in the assessee's name and disallowing deduction for land purchased in the spouse's name. The decision emphasized consistent valuation principles and legal interpretation of land acquisition and tax deduction provisions, ultimately providing a nuanced resolution to the tax assessment challenges.
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