Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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Assessee's entitlement to exemption under s.54F: (1) Whether assessee owned more than one residential house-AO's finding that a vacant/industrial land with leased factory constituted a residential house was factually erroneous; land at 13 BT Road was non-residential and excluded from proviso sub-clause (i), therefore no disqualification - exemption allowed on this point. (2) Whether jointly held family property precluded s.54F - joint co-ownership meant the proviso's exclusivity test was not satisfied and did not bar the claim - exemption allowed. (3) Whether use of sale proceeds/colourable device/clubbing u/s 64 applied - no requirement to directly deploy sale proceeds; gift/clubbing allegation rejected on facts and cultural motive; exemption upheld. - ITAT
Assessee's entitlement to exemption under s.54F: (1) Whether assessee owned more than one residential house-AO's finding that a vacant/industrial land with leased factory constituted a residential house was factually erroneous; land at 13 BT Road was non-residential and excluded from proviso sub-clause (i), therefore no disqualification - exemption allowed on this point. (2) Whether jointly held family property precluded s.54F - joint co-ownership meant the proviso's exclusivity test was not satisfied and did not bar the claim - exemption allowed. (3) Whether use of sale proceeds/colourable device/clubbing u/s 64 applied - no requirement to directly deploy sale proceeds; gift/clubbing allegation rejected on facts and cultural motive; exemption upheld. - ITAT
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