Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be de...
Income Tax : Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. T...
Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : Judicial rulings clarify that Section 54 focuses on timely investment of capital gains, not rigid legal ownership milestones. The ...
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 : The Delhi High Court held that additional documents already referred to in a criminal complaint can be filed later under Section 3...
Income Tax : The Tribunal held that for under-construction properties, the date of possession is the relevant factor for Section 54 exemption. ...
Income Tax : The tribunal held that selling only open land, even if earlier part of a residential property, does not qualify as transfer of a r...
Income Tax : The issue was denial of capital gains exemption due to claim under wrong section. The tribunal held that a genuine claim cannot be...
Income Tax : ITAT Chennai set aside the appellate order and remanded issues on protective addition, Section 54F exemption, and TDS credit misma...
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...
Patna High Court dismisses Induvarna LPG Bottling Private Limited’s writ petition for an inverted duty structure refund, directing the company to pursue appellate remedies for disputed GST claims.
ITAT Chennai remands Murugan Doraisamy’s case, allowing re-evaluation of Section 54F deduction despite a delay in Capital Gains Account deposit.
Karnataka High Court held that service of software development to overseas service recipients are that of an independent service provider which qualify as export of services under the service tax provisions and 2(6) of the IGST Act. Accordingly, refund granted and petition allowed.
ITAT Mumbai held that proceedings u/s. 153A of the Income Tax Act is bad in law since case falls within parameters of rule 112F r.w. third proviso to section 153A, however, no certificate was issued by investigating officer even when cash was found during election period.
Petitioner viz., Flemingo Duty Free Shop Private Limited, is a company incorporated under Companies Act, 1956. Respondent No.3 Airport authority of India is a Public Sector Enterprise and responsible for operation, management and maintenance of airports in India.
ITAT Chandigarh held that compensation under a family settlement is liable to be assessed under the head ‘Capital Gain’ and not ‘Income from Other Sources’. Thus, deduction u/s. 54 and 54EC allowed and addition made by AO set aside.
The Punjab and Haryana High Court upheld the denial of Section 54 capital gains exemption for two independent residential houses, reinforcing single-house benefit rule.
Delhi High Court held that exemption under section 54F of the Income Tax Act is allowed towards different floors of a house considering it as single residential house. Accordingly, appeal of the revenue dismissed.
Delhi High Court held that different floors of a singular house cannot be considered as multiple residential houses. Accordingly, deduction under section 54F of the Income Tax Act cannot be denied. Thus, appeal of revenue dismissed.
Gujarat High Court held that levy of Compensation Cess at the rate of 160% on the supply of goods i.e. branded tobacco products supplied to merchant exporters for export is kept in abeyance and the matter is referred to GST Council to decide the issue.
