Capital Gain - Page 30

Changes in respect of LTCG in respect of FY 2018-19 ( AY 2019-20)

Long Term capital gain and its affect in AY 2019-20...

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Posted Under: Income Tax |

Subsequent use of property not material for section 54F exemption

ITO Vs. Smt. Saida Mohammad (ITAT Jodhpur)

This appeal filed by the Revenue is directed against the order of the ld. CIT(A), Bikaner dated 20.05.2016 pertaining to A.Y. 2012-13....

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Reference to DVO can be made only if AO think that value claimed in registered valuer’s report was less than FMV

Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata)

Reference made to DVO under section 55A on the ground that value declared by assessee, as per Government registered valuer’s report was more than FMV, was not justified as AO could make reference to DVO only when he was of the opinion that value claimed in the registered valuer’s report was less than the fair market value....

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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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August 2020