Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
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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