Long Term Capital Gain - Page 4

ITAT deletes addition for LTCG made without Independent Verification

Anusmriti Sarkar Vs ITO (ITAT Mumbai)

Anusmriti Sarkar Vs ITO (ITAT Mumbai) LTCG From Kailash Auto Finance Scrip Deleted When AO Made Addition On Surmises On Mere Report Of Investigation Wing Without Independent Verification. The undisputed facts are that the assessee has earned a capital gain of Rs.1,01,71,119/- on the sale of scripts namely M/s. Surabhi Chemical and Investm...

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Deduction under section 54EC on Capital Gain

54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]...

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Posted Under: Income Tax |

No Idea about Capital Gain Tax but Property Under Redevelopment? Here’s all you Need to Know!!

No Idea about Capital Gain Tax but Property Under Re-Development? Here’s all you Need to Know!! The Finance Act, 2017 inserted a new sub-section 5A in section 45 which deals with the capital gain in case of re-development of any land or building or both. But first, let us understand the meaning of capital gain […]...

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Posted Under: Income Tax |

Loss arising from exempt source income u/s 10(38) held allowable to be set-off or carried forward

Shiv Kumar Jatia Vs ITO (ITAT Delhi)

The main issue in this appeal is whether loss from sale of long term capital share on which security transaction tax has been paid should be allowed to be carried forward for set off even though the income from such transfer of long term capital asset is exempt u/ s 10 (38)....

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LTCG cannot be treated as Unexplained Cash Credits merely for astronomical increase in price of shares

Sh. Mukesh Mittal Vs ITO (ITAT Delhi)

Sh. Mukesh Mittal Vs ITO (ITAT Delhi) The assessment order clearly shows that the AO has merely reproduced the modus operandi of the entry providers who booked bogus long term capital gains through penny stock companies. The show cause notice dated 2.12.2016 issued by the AO during the assessment proceedings and the findings of the [&hell...

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AO cannot treat LTCG as Bogus by treating a company as penny stock company without any evidence

ITO Vs Shivani Gupta (ITAT Delhi)

ITO Vs Shivani Gupta (ITAT Delhi) The A.O. in this case noted that assessee has sold the shares of Shilpi Cable Technologies Ltd., and claimed exempt under section 10(38) of the I.T. Act of the impugned amount. The A.O. merely declared this company to be penny stock company without bringing any evidence on record. Though […]...

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Indexed Long-Term Capital Loss from Sale of Government Securities allowable

Peerless General Finance & Investment Company Limited Vs DCIT (ITAT Kolkata)

Peerless General Finance & Investment Company Limited Vs DCIT (ITAT Kolkata) It is observed that the issue relating to the assessee’s claim for Long-Term Capital Loss arising from the sale of Government Securities by applying the Cost Inflation Index was disallowed by the Assessing Officer in the assessment completed under section 1...

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Date of allotment relevant for determining STCG/LTCG & Section 54/54F exemption

Mahendrasingh Ramsingh Jadav Vs. ITO (ITAT Bangalore)

Mahendrasingh Ramsingh Jadav Vs. ITO (ITAT Bangalore) Assessee gets a right to the impugned property on the date of allotment letter, i.e., on 22.02.2006 and payment of instalment as per the terms is only a follow up action and taking delivery of possession is only a formality. Therefore, reckoning the period from 22.02.2006, i.e. the [&h...

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Practical Intricacies under Capital Gain Account Scheme

If a taxpayer earns any profit on sale of assets then such gain is taxable at special rates prescribed under income tax act 1961. The Income Tax Act, however provides options to save taxes on these capital gain by making investments under specified sections of income tax act. In order to save taxes on profits […]...

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Posted Under: Income Tax |

Capital Gain from shares cannot be treated as Business Income merely for low cost of acquisition

JCIT Vs United Spirits Limited (ITAT Bangalore)

JCIT Vs United Spirits Limited (ITAT Bangalore) It is not in dispute that the shares of M/s. Lee Edges were purchased by the assessee in the Financial Year 2003-04 and those of M/s. Shaw Wallace Breveries Ltd., were purchased in the Financial Year 2001-02 were unlisted shares. These shares were sold in Financial Year 2004-05. […]...

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