Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
Issue concerns eligibility for capital gains exemption under Section 54 where the replacement dwelling was an under construction flat. The article explains the Tribunal treated acquisition as effected on discharge of balance consideration and taking possession on completion, not on execution of the booking agreement. Applying the substance of the transaction, possession/payment on completion (07-01-2015) was held to be the relevant date for the two year compliance measured from transfer (28-10-2013), therefore the statutory conditions were satisfied and the exemption was allowed.
Issue concerns eligibility for capital gains exemption under Section 54 where the replacement dwelling was an under construction flat. The article explains the Tribunal treated acquisition as effected on discharge of balance consideration and taking possession on completion, not on execution of the booking agreement. Applying the substance of the transaction, possession/payment on completion (07-01-2015) was held to be the relevant date for the two year compliance measured from transfer (28-10-2013), therefore the statutory conditions were satisfied and the exemption was allowed.
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