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DCIT Vs Virendrabhai Devjibhai Patel (ITAT Surat) ITAT observed that the transactions were done by the assessee and the real investment in the transaction was carried out by Shri. Dharmeshbhai Patel (in short SDP). The assessee and Shri. Dharmeshbhai Patel (SDP) entered into an arrangement wherein, Shri. Dharmeshbhai Patel (SDP) provided the money required to […]
ITAT held that even if you invoke provisions of Sec.47A(3) of the Act, to withdraw exemption granted u/s.47(xiv)(b) of the Act, but, in principle there cannot be any capital gains on transfer of goodwill, because, said goodwill is not self-generated or created on account of conversion of proprietary concern into a Pvt. Ltd. Co., but acquired by incurring cost.
Unlock the complexities of Unlisted Share Taxation! Explore the nuances of Off-Market and Regular Sale scenarios. Learn about Capital Gains Tax, exemptions, and the critical catch in disclosure for a seamless ITR filing.
Section 54 Capital gain exemption cannot be denied for claim under section 54F & non-filing of revised Income Tax return
Sections 54 and 54F of Income tax Act, 1961 contain the provisions for claiming the deduction relating to long-term capital gains on the sale of house property and other capital assets and reinvestment while purchasing of residential house property.
Long-term capital gains (LTCG) made on the sale of equity shares, and equity funds were completely tax-free in your hands before March 2018. However, the amendment made in the Union Budget 2018 has changed the tax treatment of LTCG on sale of listed equity shares and equity funds.
Since the whole case of Revenue was based on the balance sheets of assessee who had declared all the transactions in their records and had even paid capital gains tax on the profit/compensation received, therefore, it could not be said that assessee had resorted to wilful mis-statement or suppression of facts or had contravened of any of the provisions of service tax law with intent to evade payment of service tax.
Portfolio Management Services earning should be assessed as ‘Capital gains’ and not as ‘Profit and gains of business or profession’.
Section 54 Cost of new residential house includes cost of land construction materials labour & other cost of construction of residential house
Assessee had given permissive possession and not legal possession, as contemplated within the meaning of section 53A of the Transfer of Property Act. Therefore, the provisions of section 53A of the Transfer of Property Act, were not applicable to the impugned Joint Development Agreement and the conditions laid down in section 2(47)(v), could not be invoked, so as to bring the capital gains into tax in the assessment year 2012-2013.