Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
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
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