Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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ITAT held that deduction under section 54 could not be denied on technical or documentary objections where the record showed substantial investment in construction of a residential house and utilisation of capital gains for that purpose. It accepted the Joint Development Agreement and expenditure evidence as sufficient, noting no specific defect or adverse finding on genuineness, and applied a liberal construction to this beneficial exemption provision. The disallowance was deleted. On Chapter VI-A claims under sections 80C and 80D, the Tribunal upheld the direction to verify the supporting documents and allow the admissible deduction in accordance with law.
ITAT held that deduction under section 54 could not be denied on technical or documentary objections where the record showed substantial investment in construction of a residential house and utilisation of capital gains for that purpose. It accepted the Joint Development Agreement and expenditure evidence as sufficient, noting no specific defect or adverse finding on genuineness, and applied a liberal construction to this beneficial exemption provision. The disallowance was deleted. On Chapter VI-A claims under sections 80C and 80D, the Tribunal upheld the direction to verify the supporting documents and allow the admissible deduction in accordance with law.
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