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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The Tribunal found that the JDA did not satisfy the statutory requirements of section 53A since possession was given only for limited development and no consideration was paid. Consequently, no transfer occurred under section 2(47), and capital gains could not be taxed for that year. The addition of ₹3,65,904 was directed to be deleted.
The assessee’s capital-gain computation and share-transaction trail matched disclosed data. ITAT held the AO’s conclusion to be unsupported and dismissed Revenue’s appeal.
Tribunal overruled CIT(A), following Madras High Court precedent, and treated proceeds from sale of Silver Oak trees as agricultural income. Human cultivation, not wild growth, defines agricultural income.
ITAT Ahmedabad held that banks can claim deductions for provisions for bad debts on total income, including capital gains, rejecting the CIT’s restriction to business income.
ITAT Delhi held that essential house fixtures like cupboards, modular kitchen, and beds are integral to habitability and can be included in the cost of improvement. AO was directed to allow Rs. 3.50 lakh claimed in long-term capital gains computation.
The ruling emphasized that transfer requires full payment and handover of possession, which were absent during AY 2015-16. The Tribunal deleted the addition and held that taxing the income again would amount to impermissible double taxation.
The assessee’s claim of ₹98.4 lakh as selling expenses on property sale was disallowed by AO and upheld by CIT(A) without proper reasoning. ITAT remanded the case to ensure a detailed, reasoned examination of the submissions on merits.
Explore the latest NRI capital gains tax rules under the Finance Act, 2025, including rates, asset classifications, and strategies to minimize liability through exemptions and reinvestments.
Explains how the new rules enable online deposits, wider bank access, and digital account closure, making CGAS vastly more convenient for taxpayers.
Tribunal directed AO to maintain uniformity among co-owners in computing capital gains. While circle rate under section 50C applies, the cost of acquisition should follow the previously accepted benchmark of ₹50,000 per bigha.
