ITAT Jaipur clarifies Section 54F, ruling that booking a flat doesn’t equal ownership for exemption conditions. A key verdict on capital gains tax relief.
ITAT Cochin examines capital gains exemption validity under Section 54F and remands agricultural income assessment for re-evaluation.
KSCAA urges Union Finance Minister to reform Black Money Act (BMA) penalties. Sug-gestions include amnesty, proportional fines, higher thresholds, and a ‘reasonable cause’ test for taxpayers.
Madras High Court rules GST appeal limitation period begins from the physical dispatch date of the assessment order, not the order date. Appeal rejected for delay now to be heard on merits.
Supreme Court outlines mandatory steps for income tax reassessment, requiring AO to provide reasons and dispose of objections before assessment.
