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DATE: September 15, 2014 (Date of pronouncement)
DATE: November 7, 2014 (Date of publication)
AY: 2008-09
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S. 54EC: Assessee is eligible for deduction of Rs.1 Crore in respect of investment of Rs.50 Lakhs made in two different financial years. Proviso to s. 54EC seeking to curb this has effect from AY 2015-16

(i) On a plain reading of Section 54EC(1) of the Act it is clear that it restricts the time limit for the period of investment after the property has been sold to six months. There is no cap on the …

CIT vs. C. Jaichander (Madras High Court) Read More »

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DATE: April 29, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2009-2010
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Non-passing of draft assessment order after adjustments made by the TPO renders proceedings null & void

Under Section 144C(1) of the Act, with effect from 1st October 2009, the Assessing Officer has to mandatorily issue a draft assessment order if there is a proposed variation to the return which are prejudicial to the eligible assessee. The …

Vijay Television Private Limited vs. DRP (Madras High Court) Read More »

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DATE: August 18, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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CITATION:
S. 54F amendment by Finance (No.2) Act, 2014 is prospective & w.e.f. 01.04.2015

The above-said amendment to Section 54F of the Income Tax Act, which will come into effect only from 01.04.2015, makes it very clear that the benefit of Section 54F of the Income Tax Act will be applicable to constructed, one …

CIT vs. V. R. Karpagam (Madras High Court) Read More »