Expenses for overseas film shooting treated as services availed outside India, so no reverse charge service tax liability; cenvat reversals and penalt...
Electricity consumptionbased clandestine production estimates under the repealed Central Excise Act found insufficient; demand quashed and appeals all...
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.)
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
