Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
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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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