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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 upheld deletion of addition under Section 68, holding that reliance on an investigation report without independent verification and without disproving documentary evidence cannot sustain bogus LTCG allegations.
The assessees long-term capital gains claim was upheld as genuine. In absence of direct evidence linking the assessee to manipulation, the Section 68 addition was deleted.
The Tribunal held that revision under Section 263 is invalid where the Assessing Officer examined records and adopted a plausible view. Mere disagreement or desire for further enquiry is insufficient.
ITAT condoned a 106-day delay considering the assessees senior citizen status and bona fide reasons. On merits, it restored the capital gains issue to the Assessing Officer for de novo verification.
Learn how Section 87A rebate works with LTCG u/s 112A under the new tax regime for FY 2025–26. Eligibility, limits, and tax calculation explained simply.
The Tribunal found that indexation was wrongly applied from a later year. It held that long-term capital gains must be computed from the first year the property was held.
ITAT held that execution of a registered joint development agreement amounts to transfer of land. Capital gains timing must be determined from that date, not a later year chosen by the assessee.
The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 lakh. The denial based on system logic and future amendments was rejected.
The Tribunal held that once reassessment is validly initiated, the Assessing Officer can tax any escaped income discovered later. Additions need not relate to the original reopening reason.
Purchase Date Doubts Not Enough to Deny LTCG Exemption: ITAT Mumbai held that transfer dates shown in share certificates satisfied the statutory holding requirement.
