Capital Gain - Page 18

Prior to A.Y 2015-16 no restriction on number of residential houses U/s. 54

Mr. Ravi Shankar Vs. The Assistant Commissioner of Income Tax (ITAT Mumbai)

In Mr. Ravi Shankar vs. The Assistant Commissioner of Income Tax, Mumbai bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that pre- amended capital gain under section 54 of the Income Tax Act 1961 can be availed for two residential houses....

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Slump Sale and Its Taxability

In M&A transactions, “Slump Sales” are considered to be one of the most preferred ways of carrying out a deal due to various tax and stamp duty incentives associated with it. Meaning of ‘slump sale’ In simple words, ‘slump sale’ is nothing but transfer of a whole or part of business concern as a going […]...

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Posted Under: Income Tax |

Taxability of LTCG on transfer of shares & budget 2018 implications

Capital gains taxation has always been a contentious issue drawing the attention of Finance Minister in every Budget, with this year not being an exception. So Friends in today’s blog we are going to cover the taxation of LONG TERM CAPITAL GAIN (LTCG) arising from sale of listed shares as well as proposed amendment in […]...

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Posted Under: Income Tax |

‘Initial intention’ of assessee to decide whether an activity amounts to ‘trading activity’ or ‘investment activity’

I.T.O Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata)

ITO Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata) We note that the AO treated net ‘surplus’ as business income instead of capital gains on the ground that the assessee carried out business of share trading as evident from large volume of transactions and systematic, organized, repeated and regular activity in shares with a clear [&he...

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Immovable Property introduction as capital in LLP- Tax will be computed on amount recorded in books of account of firm

Dy. CIT-9(1)(1) Vs. M/s Amartara Pvt Ltd (ITAT Mumbai)

Mumbai bench of Income Tax Appellate Tribunal (ITAT), recently upheld the book-value based taxation of partner on capital contribution of immovable property in the case of a Limited Liability Partnership (LLP) and proclaimed in its recently published order. ...

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Revenue cannot treat LTCG as STCG on the ground that assessee deliberately waited for lapse of 36 months

Micheal Jude Fernandes Vs. ACIT (ITAT Mumbai)

The objection of the revenue that the assessee intentionally waited for mechanical lapse of 36 months and deliberately put the date on agreement as 18-11-2009 to avoid the payment of tax is not tenable. ...

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Reference to DVO is mandatory for invoking Section 50C (2 )

Amarshiv Construction Pvt. Ltd. Vs. D.C.I.T. (ITAT Ahmedabad)

Impugned addition u/s.50C(2) of the Act mandates reference to DVO in case an assessee contests the jantri price in question to be higher than fair market value of the relevant capital asset. ...

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ITAT upheld tax on LTCG on sale of shares for substantial price hike in short time

Sanjay Bimalchand Jain L/H Shantidevi Bimalchand Jain Vs. Pr. CIT, Nagpur & Anr. (Bombay High Court At Nagpur Bench)

ITAT held that fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth Rs. 5 of a little known company would jump from Rs. 5 to Rs. 485. AO was justified in denying exemption under section 10(38) to assessee, being fantastic sale price was not at all possible in such a short time....

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Set off of LTCG on sale of Land against Loss on off-market sale of shares

ACIT (OSD) Vs. Deepakbhai N. Parikh (ITAT Ahmedabad)

By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land....

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Importance of 31st January, 2018 for the Share Market!

Arjuna, This year the Budget suggests certain changes relating to Income tax. One of the important changes among that is Long Term Capital Gain on equity shars or equity oriented mutual funds. ...

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Posted Under: Income Tax |

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