Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT allowed the assessee's appeal, holding that the AO exceeded jurisdiction by converting a limited scrutiny into a de facto complete assessment and making additions without proper mandate; those additions were therefore unsustainable. On exemption under section 54F, the Tribunal found the assessee had deposited and utilized the entire capital gains sum pursuant to the prescribed scheme within the statutory three-year period for construction, and administrative delays in final approvals and physical completion did not defeat the beneficial object of section 54F. Consequently the section 54F exemption was recognised and the impugned addition reversed.
ITAT allowed the assessee's appeal, holding that the AO exceeded jurisdiction by converting a limited scrutiny into a de facto complete assessment and making additions without proper mandate; those additions were therefore unsustainable. On exemption under section 54F, the Tribunal found the assessee had deposited and utilized the entire capital gains sum pursuant to the prescribed scheme within the statutory three-year period for construction, and administrative delays in final approvals and physical completion did not defeat the beneficial object of section 54F. Consequently the section 54F exemption was recognised and the impugned addition reversed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
