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Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
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Custom Duty : Stay informed about the Union Budget 2024-25 changes in ICES. Learn how the Directorate General of Systems manages updates and the...
The ITAT Bangalore held that gains arising from buyback of shares are taxable under Section 46A because the conditions prescribed under Section 47(iv) were not satisfied. The Tribunal found that the parent company did not hold the entire share capital through itself or nominees.
ITAT Mumbai deleted the addition under Section 56(2)(vii)(b) after holding that a 2.3% variation between agreement value and stamp duty value fell within the permissible tolerance band applicable retrospectively.
ITAT Bangalore held that Section 45(5A) applies prospectively and cannot govern JDAs executed before 01.04.2018. Capital gains from older development agreements must be taxed under the law applicable in the year of transfer.
The Mumbai ITAT held that exemption under Section 54F has to be given effect before applying set-off provisions under Section 70(3). The assessee was allowed to carry forward long-term capital loss separately.
The ITAT Indore held that Section 50C could not be invoked where the difference between actual sale consideration and stamp duty valuation was only 1.19%. The Tribunal directed adoption of actual sale consideration as the full value for capital gains computation.
High Court held that consideration received on transfer of self-generated trademarks before 1 April 2002 was not taxable as capital gains because no ascertainable cost of acquisition existed, making computation provisions unworkable.
The issue was whether a share transfer without consideration constituted taxable capital gains. The Tribunal held that genuine family realignment is not taxable.
The decision underscores that failure to follow the prescribed valuation procedure under section 50C leads to invalidation of additions. The Tribunal ruled in favor of the assessee due to lack of proper DVO reference.
The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principles of natural justice, leading to quashing of enhancement and related penalty directions.
The case examined whether compensation paid to exit prior agreements was a sham arrangement. The Tribunal ruled it was a valid business decision that enabled higher sale consideration.
