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...
This is because the granite blocks, which had been exported by the petitioner, were zero rated goods and consequently, the relevant date would be explanation 2 (a) (i) to Section 54 (14) of the CGST Act.
In the recent judgment Hon’ble Madras HC allowed writ petition to claim refund under the category of Excess payment on tax which was paid by the petitioner on holographic stickers affixed on beer bottles
This amount of tax had been deposited by assessee from its own pockets and the GST on the amount of notice pay recovery was deposited by assessee as and when such recovery was made.
ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh review.
After pronouncement of the Judgment of this Court, the petitioner stopped paying IGST on ocean freight in respect of the CIF contracts and also claimed the refund of the IGST already paid on the ocean freight on the basis of the said Judgment.
Chennai ITAT directs AO to review e-notices and deductions u/s 54 in ₹1.8 crore capital gains case, giving assessee another chance to present evidence.
In the recent ruling HC of Telangana have held that assessee is eligible to claim capital gain after observing that the possession of the immovable property has not been handed over to the developer as contemplated u/s 53A of the Transfer of the Property Act, 1882.
ITAT Mumbai ruled on Neville J Pereira vs. ITO, addressing Section 54 exemption for multiple residential flats. Analysis of capital gains and judicial precedents.
ITAT Jodhpur held that addition of income and capital gain tax levied thereon is liable to be set aside as land not situated within the municipal limits of Sardarsahar. Accordingly, appeal of the assessee allowed.
NCLAT rules that appeals under Section 61 of IBC are invalid after corporate debtor dissolution. Explore the judgment on corporate insolvency proceedings.
