Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
ITAT upheld denial of deduction under s.54F for sums expended after acquisition of the dwelling, concluding such outlays constituted post-purchase renovation/modification and thus do not qualify as purchase of a new residential unit for s.54F relief. The tribunal affirmed lower authorities' rejection of the claim. Conversely, ITAT directed the AO to allow deduction under s.80C upon verification of the produced LIC premium receipt, ordering grant of the 80C claim accordingly and treating that ground as allowed for statistical purposes. The decision leaves the s.54F disallowance intact and mandates ministerial compliance by the AO regarding the 80C deduction.
ITAT upheld denial of deduction under s.54F for sums expended after acquisition of the dwelling, concluding such outlays constituted post-purchase renovation/modification and thus do not qualify as purchase of a new residential unit for s.54F relief. The tribunal affirmed lower authorities' rejection of the claim. Conversely, ITAT directed the AO to allow deduction under s.80C upon verification of the produced LIC premium receipt, ordering grant of the 80C claim accordingly and treating that ground as allowed for statistical purposes. The decision leaves the s.54F disallowance intact and mandates ministerial compliance by the AO regarding the 80C deduction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
