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...
ITAT held that the assessee failed to utilize amounts held in a Capital Gains Account Scheme (CGAS) to construct a residential property within the statutory period and therefore properly offered Rs. 6.45 crores as long-term capital gains in the assessment year 2020-21, discharging the tax liability. The Tribunal found that the assessee had complied with section 54 by depositing the entire long-term capital gains in CGAS before filing the return for AY 2017-18, and that the Revenue and the ld. CIT(A) erred in taxing that sum in AY 2017-18. The Tribunal set aside the CIT(A) order and directed the AO to delete the addition and recompute total income; appeal allowed.
ITAT held that the assessee failed to utilize amounts held in a Capital Gains Account Scheme (CGAS) to construct a residential property within the statutory period and therefore properly offered Rs. 6.45 crores as long-term capital gains in the assessment year 2020-21, discharging the tax liability. The Tribunal found that the assessee had complied with section 54 by depositing the entire long-term capital gains in CGAS before filing the return for AY 2017-18, and that the Revenue and the ld. CIT(A) erred in taxing that sum in AY 2017-18. The Tribunal set aside the CIT(A) order and directed the AO to delete the addition and recompute total income; appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
