ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
Transparency in technical bid evaluation requires disclosed standards and recorded reasons; opaque scoring invalidated tender awards and required fres...
Automated export obligation extensions remove separate regional applications after committee approval for Advance Authorisation and EPCG authorisation...
International cargo transhipment through Indian ports continues with Customs-controlled storage, re-export safeguards, and coordinated multi-station m...
ITAT held that for deduction under section 54F, the decisive question was whether the disputed property could legally be treated as a residential house on the relevant date. On the basis of the registered purchase deed, later sale deed and the purchaser's notarised affidavit, the property was found to be open land fit for inhabitation, not a residential premises. Its appearance in the balance sheet at a stated value did not prove residential character. As the assessee was therefore not shown to own more than one residential house, the statutory condition for denial of deduction was not met and the deduction was rightly allowed.
ITAT held that for deduction under section 54F, the decisive question was whether the disputed property could legally be treated as a residential house on the relevant date. On the basis of the registered purchase deed, later sale deed and the purchaser's notarised affidavit, the property was found to be open land fit for inhabitation, not a residential premises. Its appearance in the balance sheet at a stated value did not prove residential character. As the assessee was therefore not shown to own more than one residential house, the statutory condition for denial of deduction was not met and the deduction was rightly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
