S. 54F : Capital gains-Investment in a residential house–Purchase of flat from builder-Date of allotment to be taken as date of acquisition of property-House consisted of several independent units–Exemption cannot be denied–New house need not be purchased exclusively in the name of the assesee-Invested prior to date of filing of return u/s. 139(4)–Eligible for exemption. [S. 45, 139(1), 139(4)]
S. 54EC : Capital gains-Investment in bonds-Transferable Development Right (TDR)-Acquisition of immovable property is capital asset-Period of holding of TDR was to be calculated from date of acquisition of assessee’s property by municipality. [S 2(14), 43(5), 45, 48].
S. 45 : Capital gains-Taxable in the hands of owner and not in the hands of General Power of Attorney holder. [S. 2(47)]
S. 37(1) : Business expenditure–Ad-hoc disallowance of 10% of total expenses-Books of account not rejected–Submitted the details of expenses-Ad-hoc disallowance is held to be not justified. [S. 145]
S. 271(1)(c) : Penalty-Concealment-Difference of opinion between assessee’s and AO’s view for claim of exemption u/s.47(xiv) on conversion of proprietary concern in to public limited company-Levy of penalty is held to be not valid. [S. 47(xiv)]
S. 268A : Appeal–Revised monetary limits–Applicable to pending appeals and also appeals to be filed. [S. 253]
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record – Order of Tribunal affirmed by High Court-Coordinate bench of Tribunal, subsequent to decision of High court could not have entertained miscellaneous application of assessee and recalled order originally passed by Tribunal. [S. 260A]
S. 254(1) : Appellate Tribunal-Power-Additional evidence-Tribunal is empowered to admit additional evidences in the interest of substantial justice. [ITAT, R.29]
S. 251 : Appeal-Commissioner (Appeals)–Powers–Undisclosed investment in property-Non speaking order–Matter remanded to CIT(A).[S. 69B, 147, 148]
S. 251 : Appeal-Commissioner (Appeals)–Powers–Estimation of gross profit–Right of appeal was not properly exercised–Matter remanded to the CIT(A). [S. 254(1)]