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...
The dominant issue is the relevant date for acquisition under section 54: the Tribunal applied the principle that actual handing over of possession (confirmed by an Occupation Certificate and possession letter) and completion of payment determine the acquisition date, not solely the date of registration. Applying that legal principle to the facts, the Tribunal found possession occurred before transfer of the original property, held the one year requirement satisfied, deleted the Assessing Officer's addition and allowed the deduction for the assessment year. (ITAT decision reflected.)
The dominant issue is the relevant date for acquisition under section 54: the Tribunal applied the principle that actual handing over of possession (confirmed by an Occupation Certificate and possession letter) and completion of payment determine the acquisition date, not solely the date of registration. Applying that legal principle to the facts, the Tribunal found possession occurred before transfer of the original property, held the one year requirement satisfied, deleted the Assessing Officer's addition and allowed the deduction for the assessment year. (ITAT decision reflected.)
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