Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
A reassessment opened to tax long-term capital gains from a joint development agreement could also entertain a section 54F claim directly linked to that escaped income, because reassessment is not a review of concluded matters but relief bearing on the very income under examination. The Tribunal further held that a landowner's agreed share of residential units to be constructed and allotted by the developer can qualify as investment in construction of a residential house for section 54F purposes, following Karnataka High Court authorities. The exemption claim was therefore restored for fresh adjudication on the remaining statutory conditions.
A reassessment opened to tax long-term capital gains from a joint development agreement could also entertain a section 54F claim directly linked to that escaped income, because reassessment is not a review of concluded matters but relief bearing on the very income under examination. The Tribunal further held that a landowner's agreed share of residential units to be constructed and allotted by the developer can qualify as investment in construction of a residential house for section 54F purposes, following Karnataka High Court authorities. The exemption claim was therefore restored for fresh adjudication on the remaining statutory conditions.
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