Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
Page of 4826
Press 'Enter' after typing page number.
6861 to 6880 of 96508 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Exemption under section 54 was denied by the Revenue by treating the capital gains as taxable in the relevant year on the premise that the new residential house was not constructed. The appellate authority held that the statute allows a three-year period from transfer for construction, which had not expired in the year under appeal, and the assessee's purchase of land and ongoing construction/investment in the new residential house was undisputed, with completion evidenced subsequently. Accordingly, no addition to capital gains could be made in the year under appeal and the denial of section 54 relief was rejected; the Revenue's appeal was dismissed. - ITAT
Exemption under section 54 was denied by the Revenue by treating the capital gains as taxable in the relevant year on the premise that the new residential house was not constructed. The appellate authority held that the statute allows a three-year period from transfer for construction, which had not expired in the year under appeal, and the assessee's purchase of land and ongoing construction/investment in the new residential house was undisputed, with completion evidenced subsequently. Accordingly, no addition to capital gains could be made in the year under appeal and the denial of section 54 relief was rejected; the Revenue's appeal was dismissed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
