Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
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Limitation on carry forward of capital losses was applied: the Tribunal found the assessee did not rebut the revenue's contention or show entitlement to set off a carry forward capital loss beyond the eight succeeding assessment years in which the loss was first computed, and upheld the disallowance of that setoff. On deductibility, the Tribunal treated interest received on enhanced/delayed compensation as income from other sources and held it deductible under the statutory provision governing interest deductions, setting aside the appellate finding and directing the Assessing Officer to allow the deduction accordingly.
Limitation on carry forward of capital losses was applied: the Tribunal found the assessee did not rebut the revenue's contention or show entitlement to set off a carry forward capital loss beyond the eight succeeding assessment years in which the loss was first computed, and upheld the disallowance of that setoff. On deductibility, the Tribunal treated interest received on enhanced/delayed compensation as income from other sources and held it deductible under the statutory provision governing interest deductions, setting aside the appellate finding and directing the Assessing Officer to allow the deduction accordingly.
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