Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Relief under s.54 was allowable despite a prior joint development arrangement and demolition, because the "transfer" was treated as occurring on execution of the later conveyances, and reinvestment in a residential house within the statutory window satisfied s.54(1); consequently, denial on the ground that the property had been demolished earlier was set aside. Deposit under the Capital Gains Accounts Scheme under s.54(2) was held inapplicable where the assessee had actually reinvested within time, and s.54 was not deniable merely because no "house property" income was returned, since the test is whether such income was assessable; relief under s.54 was granted. An alternate claim under s.54F was rejected for want of a properly pleaded claim and supporting facts; denial under s.54F was upheld - HC
Relief under s.54 was allowable despite a prior joint development arrangement and demolition, because the "transfer" was treated as occurring on execution of the later conveyances, and reinvestment in a residential house within the statutory window satisfied s.54(1); consequently, denial on the ground that the property had been demolished earlier was set aside. Deposit under the Capital Gains Accounts Scheme under s.54(2) was held inapplicable where the assessee had actually reinvested within time, and s.54 was not deniable merely because no "house property" income was returned, since the test is whether such income was assessable; relief under s.54 was granted. An alternate claim under s.54F was rejected for want of a properly pleaded claim and supporting facts; denial under s.54F was upheld - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
