Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
ITAT upheld the order of CIT(A) allowing assessee's deduction under s.54F in respect of long-term capital gains from sale of artwork/painting. The Tribunal held that, on the date of transfer, the assessee was the owner of only one residential house, as Villa Nos. 13 and 14 were still under construction and not available for occupation, and were subsequently treated and taxed as business assets on sale. Consequently, the proviso to s.54F, barring relief where more than one residential house is owned, was inapplicable. The disallowance made by the Assessing Officer was set aside and Revenue's appeal was dismissed.
ITAT upheld the order of CIT(A) allowing assessee's deduction under s.54F in respect of long-term capital gains from sale of artwork/painting. The Tribunal held that, on the date of transfer, the assessee was the owner of only one residential house, as Villa Nos. 13 and 14 were still under construction and not available for occupation, and were subsequently treated and taxed as business assets on sale. Consequently, the proviso to s.54F, barring relief where more than one residential house is owned, was inapplicable. The disallowance made by the Assessing Officer was set aside and Revenue's appeal was dismissed.
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