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...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Section 54F was construed as a beneficial provision whose substance is timely investment of capital gains in a residential house, and the Tribunal held that exemption could not be denied where that substantive requirement was met. The assessee's investment was found genuine and the discrepancy in the flat number was explained by developer records, which the Revenue did not rebut. Non-deposit of the unutilised amount in the Capital Gain Account Scheme before the due date under section 139(1) was treated as a technical lapse only, so the deduction was allowed in full and the capital gains addition was deleted.
Section 54F was construed as a beneficial provision whose substance is timely investment of capital gains in a residential house, and the Tribunal held that exemption could not be denied where that substantive requirement was met. The assessee's investment was found genuine and the discrepancy in the flat number was explained by developer records, which the Revenue did not rebut. Non-deposit of the unutilised amount in the Capital Gain Account Scheme before the due date under section 139(1) was treated as a technical lapse only, so the deduction was allowed in full and the capital gains addition was deleted.
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