Income Tax : The Income-tax Act, 2025 replaces the dividend-based taxation of buy-backs with capital gains taxation for ordinary shareholders, ...
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Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
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Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
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Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property.
Addition made by AO merely on the ground that assessee made frequent withdrawal and deposit of his own money was not justified as the same was not prohibited under any law.
At the outset, it is very important to address a common interpretation mistake made by most of us regarding the increase in slab rate of income tax. In the speech the finance minister have clearly mentioned that there is no change in the Slab rate of Income tax but still 100% tax rebate is granted upto income of Rs. 5 Lac. Thus, it means that the slab rate is the same instead the rebate allowed has been increased from Rs. 2,500 to Rs. 12,500.
It was held after the accrual of consideration, the capital gain was liable to be assessed in the hands of assessee and income from short term capital gain/long term capital gain was only liable to tax when it accrued to assessee
Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh) The sole issue involved in this appeal is as to whether under the provisions of section 71 of the Income-tax Act, 1961 (in short ‘the Act’) there is an option to the assessee to set off the business losses against the capital gains or is it mandatory to […]
Where assessee had tenancy right in property, which was converted into ownership before sale of shop, then period of holding would be determined from the date the assessee acquired ownership of the asset because on purchase of the property the tenancy right was converted into ownership and assessee had sold shop not tenancy right.
Gain arising on transfer of ESOP options should be taxed as long term capital gains where the holding period was more than 3 years as assessee acquired a valuable and transferable right and the right of share constituted capital assets from the date of grant.
Assessee LLP had failed to satisfy clause (e) of the proviso of Sec. 47(xiiib), therefore, the ‘transfer‘of the capital assets on the conversion of the private limited company into a LLP was to be regarded as a ‘transfer‘within the meaning of Sec. 45 and also, there was no occasion for invoking the provisions of Sec. 47A(4).
Addition made by AO on the reason that assessee had introduced his own unaccounted money by way of bogus long term capital gain was not correct as AO had not brought any material on record to show that assessee had paid over and above purchase consideration of shares as claimed and evident from the bank account and assessee had produced the relevant record to show the allotment of shares by the company on payment of consideration by cheque.
PCIT Vs Hardik Bharat Patel (Bombay High Court) CBDT Circular No. 6 of 2016 dated 29.2.2016 with regard to the issue of taxability of surplus on sale of shares and securities, – whether as capital gain or business income in case of long term holdings of shares and securities i.e in excess of 12 months. […]
