Income Tax : The Income-tax Act, 2025 replaces the dividend-based taxation of buy-backs with capital gains taxation for ordinary shareholders, ...
Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : The document provides a detailed summary of the special tax provisions applicable to different securities and classes of taxpayers...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : India and France have signed a protocol granting full taxing rights on capital gains from share sales to the country of company re...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : Finance Bill 2024 amends Section 55 to include fair market value for unlisted shares in IPOs. Changes apply retroactively from Apr...
Income Tax : The Finance Bill 2024 proposes a streamlined and rationalized taxation system for capital gains, with changes including reduced ho...
Income Tax : From April 1, 2025, Section 47 will exclude transfers of capital assets under gifts or wills from capital gains tax, with specific...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : ITAT held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribe...
Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
Income Tax : The ITAT held that a penalty under Section 271AAB cannot survive where the show cause notice fails to specify the exact statutory ...
Income Tax : The government has authorised all non-rural branches of 19 banks to operate Capital Gains Account Scheme accounts, enhancing taxpa...
Income Tax : The amendment introduces electronic payment modes for capital gains deposits and clarifies the effective date of deposit. It enhan...
Income Tax : Ministry of Finance notifies IREDA bonds issued post-July 9, 2025, as long-term specified assets under Section 54EC for income tax...
Income Tax : Ministry of Finance announces amendment to Section 48 of the Income-tax Act, 1961, introducing a new cost inflation index effectiv...
Income Tax : The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2...
Explains the legal distinction between agricultural and non-agricultural income under the Income Tax Act, 1961. Highlights tax exemption rules and conditions for agricultural income.
Tribunal held that a commercial tannery cannot be treated as a residential house merely because rent is taxed under “House Property.” Section 54F exemption cannot be denied on such technical classification.
The Tribunal ruled that actual use of the property during the year is not a pre-condition for including it in the block of assets. Depreciation eligibility differs from eligibility for block inclusion under Section 50.
The Tribunal ruled that adopting stamp duty value without obtaining a DVO report violates Section 50C when the assessee disputes fair market value. The matter was restored for fresh adjudication after obtaining proper valuation.
The Budget proposes removing buy-back from the definition of dividend and taxing it under capital gains. This aims to rationalise shareholder taxation and align treatment under the new Act.
The ITAT ruled that dismissing an appeal solely for non-compliance is contrary to law. The appellate authority is obligated to frame issues and pass a reasoned order on each ground raised.
The AO completed assessment under Section 144 after alleged non-compliance, but failed to prove valid service of notice under Section 148. The Tribunal ruled that absence of jurisdiction renders the entire proceedings null.
This analysis explains capital asset definition, computation rules, and exemptions under the Income-tax Act. Landmark Supreme Court rulings clarify when capital gains can and cannot be taxed.
The Tribunal clarified that passing an order in the name of a non-existent entity is not a mere procedural defect. It held that participation in proceedings does not validate a void assessment.
With the Section 50C addition and 54F disallowance deleted, the Tribunal held that the penalty under Section 271(1)(c) could not survive. It emphasized that penalty cannot stand when the underlying additions are removed.
