Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
ITAT held that deduction under section 54F could not be denied merely because the residential house was purchased from close relatives or because the Revenue suspected a colourable device. The sale of shares and purchase of the flat were supported by contemporaneous material, including demat records, a registered purchase agreement, developer confirmation, and post-purchase utility records in the assessee's name; the use of a power of attorney for execution of the deed was also not questioned by the registering authority. As the transactions remained undislodged by cogent evidence, the Tribunal treated the arrangement as permissible tax planning within the legal framework and directed deletion of the addition.
ITAT held that deduction under section 54F could not be denied merely because the residential house was purchased from close relatives or because the Revenue suspected a colourable device. The sale of shares and purchase of the flat were supported by contemporaneous material, including demat records, a registered purchase agreement, developer confirmation, and post-purchase utility records in the assessee's name; the use of a power of attorney for execution of the deed was also not questioned by the registering authority. As the transactions remained undislodged by cogent evidence, the Tribunal treated the arrangement as permissible tax planning within the legal framework and directed deletion of the addition.
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