Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
