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The ITAT held that reassessment proceedings were invalid because the recorded reasons for reopening were undated and failed to establish compliance with Section 148 requirements. The assessment was quashed as a jurisdictional defect.
ITAT held that execution and registration of a sale deed completes the transfer for capital gains purposes. Delayed receipt of sale consideration or dishonoured cheques cannot postpone taxability when the registered transfer remains valid.
The Madras High Court held that reimbursements made to a foreign subsidiary for online advertising expenses were not included within the statutory scope of equalisation levy. The refund rejection order was set aside for reconsideration.
A practical guide for salaried taxpayers to save capital gains tax through home reinvestment, 54EC bonds, tax-loss harvesting, and LTCG exemptions.
The Tribunal accepted the assessee’s contention that the property could not have been transferred without compensating the occupants. The related payments were therefore held deductible from the sale consideration for capital gains purposes.
ITAT Delhi held that reassessment based solely on Investigation Wing reports without independent enquiry is invalid. The ruling emphasizes that borrowed satisfaction cannot justify reopening under Section 147.
Capital gains from compulsory acquisition are generally taxed when compensation is received rather than when the land is acquired. The provisions also prescribe separate taxation for enhanced compensation and judicial awards.
The Tribunal held that the amendment to Section 55A effective from 01.07.2012 was prospective and applicable from Assessment Year 2013-14. As a result, the DVO reference made for AY 2012-13 was held invalid and the addition was deleted.
The Tribunal held that for Assessment Year 2010-11, a reference to the DVO was impermissible where the assessee’s declared value exceeded the department’s estimate. The resulting capital gains addition was therefore deleted.
Adjustment under section 143(1)(a)(iv) based on disallowance reported in Form 3CD was held to be within CPC’s jurisdiction. However, rectification under section 154 enhancing income without complying with section 154(3) was quashed.
