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...
Section 54 exemption cannot be denied merely because capital gains were not deposited in the Capital Gain Deposit Scheme before the due date under section 139(1), where the assessee had already purchased a new residential house within the prescribed two-year period. The ITAT treated the deposit requirement as a procedural condition regulating interim use of unutilised capital gains, not a substantive bar capable of defeating timely reinvestment. Since the decisive fact was actual investment in the new house within the statutory period, the hyper-technical denial of exemption was unsustainable. The disallowance was deleted and the exemption was held admissible.
Section 54 exemption cannot be denied merely because capital gains were not deposited in the Capital Gain Deposit Scheme before the due date under section 139(1), where the assessee had already purchased a new residential house within the prescribed two-year period. The ITAT treated the deposit requirement as a procedural condition regulating interim use of unutilised capital gains, not a substantive bar capable of defeating timely reinvestment. Since the decisive fact was actual investment in the new house within the statutory period, the hyper-technical denial of exemption was unsustainable. The disallowance was deleted and the exemption was held admissible.
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