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...
ITAT Kolkata ruled that the relinquishment of a tenancy right is a capital gain, and exemptions under sections 54 and 54F can be claimed simultaneously.
Jharkhand High Court dismissed the bail application since the twin condition as provided under Section 45(1) of the Prevention of Money Laundering Act, 2002 is not being fulfilled. Also, there is sufficient material collected by ED to show that the applicant is prima facie guilty of the alleged offences.
The Karnataka High Court ruled that an assessee can claim Section 54 exemption for capital gains on more than one house purchased, citing legislative intent and judicial precedents.
Andhra Pradesh High Court held that GST is not leviable on ocean freight charges, accordingly, refund of GST paid on ocean freight cannot be denied by applying period of limitation since payment of money cannot be treated as payment of tax.
Bombay High Court held that combine reading of section 56 and 54(1) of the CGST Act states that interest @9% is payable when amount is not refunded within 60 days from the date of the order passed by the First Authority.
Understand how to save capital gains tax on Joint Development Agreements (JDAs) using Sections 54 and 54F. Learn key differences and tax implications for landowners.
The Bombay High Court ruled that a capital gains exemption for multiple residential properties before the 2014 amendment is valid, reaffirming a liberal interpretation of tax law.
Subsequently asserted that the twin conditions under Section 263 were absent as the AO had conducted due inquiry. Revenue contended that Section 37(1) disallowed CSR expenses which were not wholly and exclusively for the purpose of business.
Delhi High Court directs CGST Department to process Rs. 10 lakh GST refund with statutory interest, finding no valid grounds for delay and noting untraceable deficiency memo.
Bombay High Court held that the expression ‘a residential house’ in unamended Section 54(1) of the Act includes more than one residential house. Thus, sale proceeds of one residential house used for purchase of multiple residential house qualifies for exemption u/s. 54(1).
