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Confederation of Real Estate Developers Association of India v. ACIT
  Section 2(15) proviso, 11   Direct Taxes

Receipt of subscriptions from members, sale of publications, holding of exhibition and award functions, etc. were incidental to assessee’s main object to address national issues relating to real estate sector and better standard for its all member associations. Further, assessee was not having any profit motive and, therefore, activities of assessee were not in the nature of trade, commerce or business and surplus arising to assessee was utilized only for the purpose of dominant object which were charitable in nature and, therefore, proviso to section 2(15) did not get attracted to assessee|s case and assessee was entitled to exemption under section 11.


Shree Anil Dev v. DCIT
  Section 54F   Direct Taxes

Both assessee and his wife stated that purchase was by wife of assessee although in purchase deed, name of assessee was also there along with name of wife and purchase consideration of second residential property was paid by her out of joint/her individual bank account. Further, assessees wife was having sufficient own funds in that joint bank account received as her share in sale proceeds of shares. Accordingly, disallowance of assessees claim for deduction under section 54F on the ground of assessee holding one more residential property in joint name along with his wife, could not be sustained.


Shree Sawai Manoharlal Rathi, In re
  Section 7 of the CGST Act, 2017   GST

Interest received in form of PPF, on Personal Loans and Advances to Family and on Saving Bank Account would be considered for the purpose of calculating the threshold limit fo Rs. 20 lakh for registration under GST law.


Practice Update (25.11.2020)
  Section 194N   Direct Taxes

Tax deduction on withdrawal of cash from bank


Practice Update (23.11.2020)
  Section 271AAD   Direct Taxes

Penalty for false entry covers not only false invoice but also any frivolous claim


Shambhu Dayal v. ITO
  Section 147   Direct Taxes

Notice issued under section 148 in the name of deceased assessee was nullity in the eyes of law. Further, limitation for issuance of notice under section 148 had expired and beyond such limitation period, no notice could be issued in the name of legal heirs. Accordingly, proceedings initiated by issuance of notice in the name of deceased assessee and consequent reassessment proceedings were quashed for want of jurisdiction.


Atriwal Amusement Park, In re
  Section 98 of MPGST Act, 2017   GST

Slides are fastened to the Steel and Civil Structure are affixed to the Earth through these Steel and Civil Structures.


Deena Asit Mehta v. Dy. CIT
  Section 56   Direct Taxes

As assessee had not established on record that interest expenditure was directly incurred for earning interest income, no set-off could be allowed.


Omkar Chadha v. ITO
  Section 54F   Direct Taxes

Where capital gain realized on sale of a land was invested by assessee in two distinctly identifiable residential properties at separate locations, such properties could not be termed as "a residential house" and hence, the AO was justified in restricting the assessee’s claim exemption under section 54F to investment in one residential property only.


The Chombal Service Co-Operative Bank Ltd. v. ITO
  Section 80P(2)   Direct Taxes

As decided in the case of Mavilayi Service Co-operative Bank Ltd. V. CIT [[ITA No. 97/2016] : 2019 TaxPub(DT) 4909 (Ker-HC)] that AO had to conduct an inquiry into factual situation as to activities of assessee society to determine the eligibility of deduction under section 80P and should examine the activities of assessee and determine whether activities are in compliance with activities of a co-operative society, therefore, AO was directed to examine the activities of assessee-society before granting deduction under section 80P on interest income.


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