Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Section 54 exemption was allowed for investment in more than one residential property, with the Tribunal accepting that the word "a" can encompass more than one house where supported by precedent. It also held that investments made after the due date for filing the income tax return could still be considered for exemption, even if not deposited in the capital gains scheme, and directed the Assessing Officer to allow relief on that basis. The result was that the assessee remained eligible for Section 54 relief on both the multiple-property investment and the delayed investment.
Section 54 exemption was allowed for investment in more than one residential property, with the Tribunal accepting that the word "a" can encompass more than one house where supported by precedent. It also held that investments made after the due date for filing the income tax return could still be considered for exemption, even if not deposited in the capital gains scheme, and directed the Assessing Officer to allow relief on that basis. The result was that the assessee remained eligible for Section 54 relief on both the multiple-property investment and the delayed investment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
