Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
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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