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When assessee utilised sale consideration of property in construction of another residential property within prescribed time period, then, merely on account of the fact that the assessee had neither declared the transaction of sale of property nor made any claim of deduction under section 54F in the return of income, deduction under section 54F could not be denied.
This group of writ petitions arise in similar background. We may record facts from Special Civil Application No. 12765 of 2017 and 12764 of 2017. Petitioner of Special Civil Application No. 12765 of 2017 is a partner of one M/s. Hitech Analytical Services and she would hereafter to be referred to as ‘a partner of the said firm.
The facts in brief qua the issue raised in the grounds are that assessee filed its return of income electronically for the AY. 2009-10 on 23-09-2009, declaring NIL income. This return was processed u/s. 143(1) of the Act and the total income was determined at Rs. 69,19,580/- u/s.
Explore Amit Parekh’s appeal against the denial of Section 54 exemption by ITAT Kolkata. Key details of the case and legal insights revealed.
The Petitioner seeks the quashing of a notice dated 20-3-2015 issued under section 148 of the Income Tax Act (‘Act’) by the Assistant Commissioner (hereinafter assessing officer AO) and the order dated 1-2-2016 passed by the assessing officer disposing of the objections filed by the Petitioner to the said notice.
Where the land is shown in revenue record as agricultural land and no permission was taken for conversion of land, it is immaterial whether any agricultural income is shown in the return or not, the gains from sale are exempt from taxation.
S.O. 2289(E).— It is hereby notified for general information that the organization M/s Indian Institute of Science Education and Research, Kolkata (PAN:- AAAAI2170E) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961
Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961.
The valuation rules are specified under Rule 11U, Rule 11UA, Rule 11UAA and Rule 11UB for various provisions under the Income-tax Act, 1961 (‘the Act’) which cover valuation options in case of various assets including equity shares and other securities. These rules specify the methodology to be adopted at the time of arriving at fair […]
These appeals are filed under Section 260A of the Income Tax Act, 1961 (for short, the Act) challenging the orders dated 17.03.2017 passed by the Income Tax Appellate Tribunal, Bengaluru, in ITA No.613/Bang/2014 and ITA No.614/Bang/2014
