Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Deduction under the capital gains exemption for purchase of a new residential property was allowed where the property was registered in a sister's name but the assessee paid the booking advance and entire purchase consideration from his bank accounts, produced provisional allotment, a memorandum of understanding, confirmation from the sister that registration was for convenience, a subsequent gift deed and municipal records; the tribunal noted that liberal interpretation commonly afforded to purchases by spouse or unmarried children does not automatically extend to other relatives, but on the documentary chain and source-of-funds the exemption's conditions were satisfied and the disallowance was deleted.
Deduction under the capital gains exemption for purchase of a new residential property was allowed where the property was registered in a sister's name but the assessee paid the booking advance and entire purchase consideration from his bank accounts, produced provisional allotment, a memorandum of understanding, confirmation from the sister that registration was for convenience, a subsequent gift deed and municipal records; the tribunal noted that liberal interpretation commonly afforded to purchases by spouse or unmarried children does not automatically extend to other relatives, but on the documentary chain and source-of-funds the exemption's conditions were satisfied and the disallowance was deleted.
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