Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
ITAT held the assessee ineligible for exemption u/s 54/54F as the assessee already owned more than one independent residential house at the time of transfer, evidenced by three separate rentable residential units with independent kitchens in one building, rendering the claim barred at the threshold. The Tribunal rejected reliance on contrary case law as distinguishable. On unexplained cash deposits during demonetisation, ITAT accepted the assessee's explanation that deposits were sourced from earlier cash withdrawals, refundable rental security deposits and amounts received under a joint development agreement forming part of sale consideration, deleting the addition u/s 69A. Consequently, issues on tax rate u/s 115BBE were rendered infructuous. The appeal was partly allowed.
ITAT held the assessee ineligible for exemption u/s 54/54F as the assessee already owned more than one independent residential house at the time of transfer, evidenced by three separate rentable residential units with independent kitchens in one building, rendering the claim barred at the threshold. The Tribunal rejected reliance on contrary case law as distinguishable. On unexplained cash deposits during demonetisation, ITAT accepted the assessee's explanation that deposits were sourced from earlier cash withdrawals, refundable rental security deposits and amounts received under a joint development agreement forming part of sale consideration, deleting the addition u/s 69A. Consequently, issues on tax rate u/s 115BBE were rendered infructuous. The appeal was partly allowed.
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