Refund claim dismissed as time-barred under s.142(5); non-obstante clause read restrictively, merits not decided, self-assessment payments not mere de...
Assessee's project-completion revenue recognition upheld; income addition deleted under Guidance Note/AS-9 and percentage-completion rules as complian...
ITAT affirms the order of the Ld. CIT(A) allowing the assessee's claim of exemption under ss. 54F/54EC and holding the entire proceeds as long-term capital gains; the revenue's grounds are dismissed. The Tribunal found no infirmity in CIT(A)'s conclusion that denying exemption would occasion double taxation, noting documentary evidence and prior assessment treatment where no portion was taxed in another person's hands. On the issue of treating 50% as income from other sources, ITAT accepted the assessee's sole-beneficiary status and the evidentiary record substantiating receipt of the entire sale consideration, thereby upholding CIT(A)'s treatment of the full amount as LTCG.
ITAT affirms the order of the Ld. CIT(A) allowing the assessee's claim of exemption under ss. 54F/54EC and holding the entire proceeds as long-term capital gains; the revenue's grounds are dismissed. The Tribunal found no infirmity in CIT(A)'s conclusion that denying exemption would occasion double taxation, noting documentary evidence and prior assessment treatment where no portion was taxed in another person's hands. On the issue of treating 50% as income from other sources, ITAT accepted the assessee's sole-beneficiary status and the evidentiary record substantiating receipt of the entire sale consideration, thereby upholding CIT(A)'s treatment of the full amount as LTCG.
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