Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Where a capital asset devolved on the assessee by succession or trust devolution, the period for which the asset was held by the previous owner/trust is to be included in computing holding period, making the asset a long-term capital asset. The Tribunal upheld allowance of exemption for investment in specified bonds, finding no material contradicting compliance with the bond-investment timing. Claim under the residential-house reinvestment exemption required actual purchase evidence; only an agreement was produced, so the matter was remanded to the Assessing Officer to verify execution of a registered conveyance/purchase deed within the statutory period and decide after hearing the assessee.
Where a capital asset devolved on the assessee by succession or trust devolution, the period for which the asset was held by the previous owner/trust is to be included in computing holding period, making the asset a long-term capital asset. The Tribunal upheld allowance of exemption for investment in specified bonds, finding no material contradicting compliance with the bond-investment timing. Claim under the residential-house reinvestment exemption required actual purchase evidence; only an agreement was produced, so the matter was remanded to the Assessing Officer to verify execution of a registered conveyance/purchase deed within the statutory period and decide after hearing the assessee.
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