Income Tax : Section 50AA overrides the normal holding period rules and deems gains from specified assets as short-term capital gains, even if ...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : The article explains how different interpretations of Section 112 may produce either nil tax or a positive tax liability for the s...
Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Corporate Law : Finance Ministry's new capital gains tax: Short-term gains at 20%, long-term at 12.5%. Exemption limit raised to ₹1.25 lakh for ...
Income Tax : 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemp...
Income Tax : Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions t...
Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Chennai held that penalty under Section 271(1)(c) cannot survive when the AO accepts the income declared in the return filed ...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : ITAT Chennai held that inclusion of taxable long-term capital gains in total income does not disentitle an assessee from claiming ...
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 : 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...
Income Tax : There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the re...
Income Tax : CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide Notification No. 32/202...
Income Tax : Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on vari...
The Tribunal dismissed the assessee’s appeal, confirming that opting for Section 115BAA overrides the 20% LTCG rate under Section 112.
ITAT Ahmedabad upheld adding Long-Term Capital Gain (LTCG) as unexplained income under Section 68. The Tribunal ruled that the genuineness of penny stock transactions must be judged by the test of human probabilities.
Hyderabad ITAT found reassessment unsustainable where 54F exemption was already examined in earlier scrutiny. As no new evidence emerged, reassessment under Section 147 was declared void.
The ITAT upheld the classification of a Rs.5 crore loss on the sale of shares as a capital loss, not a business loss, because the NBFC consistently held the shares as non-current investments for over three years. The Tribunal emphasized that the assessee’s accounting treatment and the mandated sale under Supreme Court directions confirmed the investment motive.
ITAT Delhi deleted a ₹47 lakh bogus LTCG addition, holding that ‘human probability’ cannot override transactions conducted through stock exchange, demat, and banking channels. Mere high profit does not make a transaction bogus.
Judicial rulings confirm interior decoration expenses like modular kitchens and wardrobes are eligible for tax exemption under Sections 54 & 54F if they ensure the house is habitable.
Overview of Capital Gains tax: definition of capital asset, distinction between short-term and long-term assets, meaning of transfer, list of exempt transactions, and the computation formula, including indexation rules and recent amendments.
ITAT Delhi dismissed Revenue’s appeal, upholding CIT(A)’s deletion of addition from a share sale, ruling the transaction genuine as no evidence proved the shares were ‘penny stock’ or rigged.
Delhi HC held that indexation benefit on Long Term Capital Gain for flat sale begins only from the date Builder Buyer Agreement is signed & not from Provisional Allotment Date
ITAT Delhi dismisses Revenue appeal, holding an investor’s LTCG from stock exchange transactions as genuine, reaffirming “suspicion is not substitute for proof.”
