Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
