Vide clause 7 of the Notification No. 3/2013, dated 15-1-201 CBDT has specified that an adjustment of refunds against outstanding tax demand can be done u/s 245 of the Act only after issuing prior intimation to the taxpayer.
Deduction under section 80CCF of the Income Tax Act is available on investing amount in to ‘long term infrastructure bonds’. The present article explains the provisions of section 80CCF. Person eligible for deduction under section 80CCF Deduction under section 80CCF is available to the following categories of persons – An individual; and A Hindu Undivided Family (HUF). […]
Shri M.V.Subramanyeswara Reddy (HUF) Vs DCIT ITAT Hyderabad Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property, as held by the Delhi Bench of the Tribunal in the case of Mahavir Prasad Gupta Vs JCIT (5 SOT 353).
P&H High Court in a ruling in the case of Vinod Kumar Jain Vs. CIT held that Assessee gets title to the properly on the issuance cf an allotment letter and the payment cf instalments is only a consequential action upon which the delivery of possession flows and in calculation of holding period the period from the date of allotment and upto the date of possession will also be counted.
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