Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
The dominant issue was whether the AO had jurisdiction under s.55A (as applicable to AY 2011-12) to refer the property to the Valuation Officer for determining fair market value for capital gains computation. The Tribunal held that s.55A can be invoked only when the AO forms a reasoned opinion that the assessee's claimed fair market value/cost of acquisition requires substitution based on the prescribed statutory parameters; a mere perception that the declared consideration was lower by more than 25% is not a permissible basis. Since the Act does not authorize disturbing sale consideration through s.55A on that ground, the reference was invalid and the assessee's appeal was allowed. - ITAT
The dominant issue was whether the AO had jurisdiction under s.55A (as applicable to AY 2011-12) to refer the property to the Valuation Officer for determining fair market value for capital gains computation. The Tribunal held that s.55A can be invoked only when the AO forms a reasoned opinion that the assessee's claimed fair market value/cost of acquisition requires substitution based on the prescribed statutory parameters; a mere perception that the declared consideration was lower by more than 25% is not a permissible basis. Since the Act does not authorize disturbing sale consideration through s.55A on that ground, the reference was invalid and the assessee's appeal was allowed. - ITAT
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