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...
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A composite property used partly for residence and partly for commercial activity was treated as eligible for section 54 relief to the extent of the residential portion. The Tribunal held that the residential component could not be ignored merely because the sale agreement described the property as commercial, and directed apportionment of sale consideration relating to the residential floors before granting exemption. On the addition under section 56(2)(vii), it held that where the assessee disputed the stamp valuation, the Assessing Officer should have referred the matter to the DVO instead of directly taxing the difference. The valuation issue was remitted for fresh decision.
A composite property used partly for residence and partly for commercial activity was treated as eligible for section 54 relief to the extent of the residential portion. The Tribunal held that the residential component could not be ignored merely because the sale agreement described the property as commercial, and directed apportionment of sale consideration relating to the residential floors before granting exemption. On the addition under section 56(2)(vii), it held that where the assessee disputed the stamp valuation, the Assessing Officer should have referred the matter to the DVO instead of directly taxing the difference. The valuation issue was remitted for fresh decision.
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