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 Mumbai held that where two houses joint together constitutes a single unit for residence, then exemption under section 54F of the Income Tax Act would be available to such joint residential house.
ITAT Bangalore held that penalty under section 271D of the Income Tax Act not leviable in terms of section 273B of the Income Tax Act since claim of exemption u/s. 54 is made in an open and bonafide manner.
ITAT Ahmedabad held that Form No. 35A signed by the Authorized Representative is only an irregularity which is curable u/s. 292B of the Income Tax Act and not an illegality. Thus, order set aside with a direction to pass order on merits.
ITAT Visakhapatnam held that denial of deduction under section 54F of the Income Tax Act merely because date of registration was beyond the stipulated period as entire consideration paid within the stipulated period.
ITAT Kolkata held that allotment letter given by the developer to the assessee way back in 2010 would be construed as an agreement of purchase between the developer and the assessee. Thus, addition u/s. 56(2)(vii)(b) of the Income Tax Act not survived.
Where assessee was able to demonstrate that the transaction was included in the GSTR-1 Return as a zero-rated sale, the goods detained under Section 129(3) should be released provisionally.
Delhi High Court held that suspension of GST registration alleging non-compliance with rule 86B of CGST Rules not justified as assessee deposited required amount. Thus, petition allowed and direction given for restoration of GST registration.
ITAT Raipur held that belated return of income filed by payee u/s. 139(4) satisfies the 1st proviso to section 201(1) of the Income Tax Act hence assessee cannot be treated as ‘assessee in default’.
Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act on mere change of opinion is not permissible in law. Accordingly, petition allowed and reassessment notice quashed.
CESTAT Kolkata held that valid specific license required for import of old and used worn clothing articles. Accordingly, redemption fine @10% and penalty @5% imposed for failure to comply with licensing requirement.
