Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is p...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
Income Tax : KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act,...
Income Tax : All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the ...
Income Tax : Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit R...
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 held that Section 54 permits exemption where capital gains from more than one residential house are invested in a single resi...
Income Tax : ITAT held that exemption under Sections 54/54F cannot be denied where sale proceeds are invested in a residential house within the...
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 : The Tribunal held that the Assessing Officer exceeded the scope of limited scrutiny by treating capital gains as business income w...
CA, CS, CMA : The ICAI Disciplinary Committee reprimanded CA Jayant Ishwardas Mehta for professional misconduct involving an incorrect income t...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Income Tax : Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last...
Income Tax : Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of secti...
The Supreme Court examined whether shares received on amalgamation can be taxed as business income when held as stock-in-trade. It ruled that tax arises only if the substitution results in a real, commercially realizable gain, not a mere statutory replacement.
It was ruled that speculative losses from non-genuine share transactions cannot be adjusted against interest income. The decision reinforces strict application of sections 43(5) and 73 where delivery is doubtful.
The AO denied exemption relying on an inspector’s report citing minimal construction. The Tribunal held that documentary evidence showed a habitable residence, entitling exemption.
Andhra Pradesh High Court held that supply of electricity by petitioner to Power Trading Corporation of India is not export supply of goods and hence refund is not admissible. However, directed to claim refund of ITC relating to supply of electricity directly to Bangladesh Power Development Board.
The tribunal ruled that Section 50C could not apply because the DVO’s valuation ignored the impact of tenants and owner-occupied units. The key takeaway is that incorrect valuation methodology invalidates deemed consideration adjustments.
ITAT Hyderabad held that matter of TP adjustment of purchase of raw materials, assembling parts and sale of goods, and interest on trade receivables is remanded back since there are clear mistakes in computation of margins of comparables.
Madras High Court held that JDA executed in 1994, however, sale/ transfer of capital asset was taken place only in March 1999 when the sale deed was executed. Accordingly, capital gain was rightly offered for AYs 1999-2000 and hence exemption u/s. 54 rightly claimed.
ITAT Mumbai ruled that for redeveloped flats, the allotment date marks acquisition, confirming long-term capital gains eligibility under section 54, despite later possession.
The Tribunal ruled that non-compliance with the faceless reassessment scheme strikes at jurisdiction itself. JAO-issued notices post-notification were held legally unsustainable.
The Tribunal ruled that failure to deposit capital gains in CGAS does not bar Section 54 relief when the assessee invests in a new house within the prescribed period. The key takeaway is that substantive compliance overrides procedural lapses.
