Case Law Details
Case Name : Mutharamman Traders Vs State Tax officer (Madras High Court)
Related Assessment Year :
Courts :
All High Courts Madras High Court
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Mutharamman Traders Vs State Tax officer (Madras High Court)
Madras High Court condones the delay of 10 days in filing appeal as the petitioner was unaware of the orders as the orders was sent to the Consultant’s email id.
Facts- The challenge is to two orders of assessment, both dated 31.10.2022 in respect of assessment years (AY) 2020-21 and 2021-22, passed under the provisions of the Tamil Nadu General Sales Tax Act, 2017. Notably, in the present case, the appeals have, admittedly, been filed within 10 days after the statutory period of 120 days.
Conclusion- Thus, an explanation has been ...
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Author Bio
Query on 54F if some can help –
1. I have sold MF worth 20L with a LTCG of say 6 Lakhs.
2. Purchased residential property of say 50L
3. Took bank loan of 30 Lakh
3. Paid builder say 15L upfront amount from 20L MF amount and rest 30L through bank loan in same financial year.
4. Remaining 5L from 20L MF selling- will pay the builder next year.( Not kept in the capital gain account)
Will exception under 54F will be on the entire 6lakh capital gain or will it be in proportion to 15L, as paid only 15Lakh from actual net consideration of 20L.