Updates: Income Tax, GST & Company Law (27th June 2017)
Updates: Income Tax, GST & Company Law (27th June 2017) 1. No denial of sec. 54 relief just because purchase agreement specifies delivery of flat after 3 yrs ( Where substantial amount of capital gain has been invested by assessee for purpose of purchasing a new house, deduction under section 54 cannot be denied for reason that construction was not completed within three years or house was not purchased within two years) ( [2017]82taxmann.com306(Chandigarh-Trib.) 2. Disallowance of sec. 14A was to be made even if exp. related to exempt income was transferred to work-in-progress (1. Where assessee developer received interest free flat booking advances which it invested to earn exempted income, even if assessee had debited related administrative expenses to P&L account and then transferred same to work-in-progress, disallowance was to be made under section 14A 2. Interest income earned from debentures being taxable, investments could not be considered as part of