=== Income-tax Update: Case Laws ===
1. Sec. 54F is a beneficial provision & must be interpreted liberally: It does not require that the construction of the new residential house has to be completed, and the house be habitable, within 3 years of the transfer of the old asset. It is sufficient if the funds are invested in the new house property within the time limit [CIT vs. B. S. Shantakumari (ITA No.165/2014) Karnataka HC]
2. ITAT Quashes TDS-CPC order rejecting TDS Return correction due to internal policy of restricting PAN correction of 2 alfa and 2 numerical characters only: (ITA No. 1984/Ahd/2015) (Ahmedabad ITAT)
3. No Violation/Disallowance u/s 40A(3) Rule 6DD for Cash deposited directly in the bank account of Supplier/Creditor: (ITA No. 67/Kol/2013) (Kolkata ITAT)
4. Failure to issue notice in time can’t be cured by resorting to deeming fiction of sec.292BB: Where no notice under section 143(2) was issued within period of limitation, revenue could not take advantage of provisions of section 292BB; order of assessment under section 147 was annulled [ACIT v. Ashed Properties & Investments (P) Ltd (62 taxmann. com 340) Bangalore Trib]
