• Sec 23(1) – Maneklal Agarwal Vs DCIT

[2017] 84 taxmann.com 116 (SC)

Assessee had leased out his property to his own family members at nominal value, who in turn had sub-leased it to outsiders on much higher rentals resulting into divergence of income to family members which was not accepted by Apex Court

• ACIT Vs Mohinder Kumar Jain

     [2017] 84 taxmann.com 141 (Delhi - Trib.)

There is no bar in the section 54F of the Act for claiming exemption of capital gain on sale of second or third property on different dates against balance in invested value of single property invested within stipulated time frame

• Sec 269SS & Sec 269T: Amendment in disclosure in Form No. 3CD

Notification No. GSR 821(E) [No.58/2017 (F.No.370142/10/2017-TPL)],

dated 3-7-2017

This notification mandates that property advance above Rs. 20,000 should be disclosed in the tax audit report under section 44AB of the Income Tax Act.

• CBDT notifies bond of ‘Indian Railway Finance Corporation Limited’ for sec. 54EC relief