Request-driven road restoration attracts reverse-charge GST, not governmental-function treatment or compensatory-damages status for business recipient...
Road restoration charges for commercial pipeline works are taxable Government services, with reverse charge liability and no public-function exemption...
Model-wise import cap monitoring cannot justify withholding used multifunction machines where all-India tracking is absent and full security is furnis...
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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TaxTMI 
TaxTMI 
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