Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Section 54F relief was available because the Millennium Plaza property was treated as an office space and therefore a commercial property, not a residential house; the assessee was regarded as having only one residential house, so denial of the exemption had no basis. Even if the new asset at Parsvanath Exotica was transferred later, section 54F(3) affects taxation of the exempted capital gain in the year of transfer of the new asset and does not justify of the exemption in the year it was otherwise allowable. Agricultural receipts, including lease rent from agricultural land used for saplings and plantations, were also accepted as agricultural income because the assessee had supporting material and similar treatment had been accepted in earlier years and in connected precedent.
Section 54F relief was available because the Millennium Plaza property was treated as an office space and therefore a commercial property, not a residential house; the assessee was regarded as having only one residential house, so denial of the exemption had no basis. Even if the new asset at Parsvanath Exotica was transferred later, section 54F(3) affects taxation of the exempted capital gain in the year of transfer of the new asset and does not justify of the exemption in the year it was otherwise allowable. Agricultural receipts, including lease rent from agricultural land used for saplings and plantations, were also accepted as agricultural income because the assessee had supporting material and similar treatment had been accepted in earlier years and in connected precedent.
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