Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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Section 54 relief is available where capital gains are fully utilised for purchase of a new property before filing the return under section 139, even if the return is belated and no amount remains to be deposited in the Capital Gains Account Scheme. The text distinguishes cases where only unutilised amounts had to be deposited by the due date from cases where the entire consideration was already applied towards the new asset. It also records that the claim should be allowed subject to verification that the payments were made before filing the return, with the matter sent back for limited verification and consequential allowance if the utilisation is confirmed.
Section 54 relief is available where capital gains are fully utilised for purchase of a new property before filing the return under section 139, even if the return is belated and no amount remains to be deposited in the Capital Gains Account Scheme. The text distinguishes cases where only unutilised amounts had to be deposited by the due date from cases where the entire consideration was already applied towards the new asset. It also records that the claim should be allowed subject to verification that the payments were made before filing the return, with the matter sent back for limited verification and consequential allowance if the utilisation is confirmed.
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