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Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : Therefore, such interest partook the character of the compensation itself. The Court further observed that the statutory obligatio...
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AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal evidence against him: ITAT
ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO’s addition under Section 68, citing adequate evidence of share transactions and demat holdings.
ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO’s reliance on general reports.
This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant Section for the purpose of Capital Gain exemption are Section 54B, Section 54F and Section 54EC, which we are going to discuss in this article.
Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F claims.
Therefore, such interest partook the character of the compensation itself. The Court further observed that the statutory obligation to pay compensation for compulsory acquisition was rooted in Article 300A of the Constitution, which safeguarded a citizen’s right to property.
ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whether the shares are held as investment or stock-in-trade. Thus, here since shares are held as investments, gains are taxable as capital gains.
ITAT Pune rules mere execution of a development agreement without transfer of possession doesn’t trigger capital gains tax. Follows Bombay HC precedent.
Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits, and examples.
ITAT acknowledged the taxpayer’s claim under Section 54F, despite its late submission, and instructed the AO to verify the claim and provide appropriate relief. The ITAT cited a jurisdictional High Court ruling that allows taxpayers to raise additional claims, provided they are legitimate.
