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...
Allahabad High Court held that penalty under Section 54(1)(2) of the U.P. VAT Act, 2008 cannot be imposed in cases, wherein, the assessment is made on the basis of Best Judgement Assessment.
ITAT Ahmedabad ruling regarding Section 54 deduction to a Hindu Undivided Family (HUF) for property purchase in an individual’s name. The decision emphasizes the principle against allowing a change of opinion in reassessment proceedings, based on established legal precedents.
Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-in periods analyzed.
Read the detailed analysis of the Delhi High Court judgment upholding penalties under Sections 112(a) & 112(b) of the Customs Act on Rameshwar Tiwari for smuggling gold.
Delhi ITAT ruled that to claim capital gains benefit under Sec 54, taxpayers must acquire a residential house within three years from the date of old house transfer. Analysis of Mohan Lal Jain case.
Delhi High Court ruled that refund of ITC reversal is permissible if supplier paid tax. Learn about the case of Pedersen Consultants India Pvt. Ltd. vs Union of India & Ors.
ITAT Mumbai held that assessee was residing as well as carrying on her profession at Bangalore and thus, assumption of jurisdiction by the AO at Mumbai was invalid. Thus, an order which is passed without jurisdiction is non est in the eyes of law.
ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act unjustified as appellant cannot be penalized for the mistake committed by the developer/seller in allocating the flat. Thus, exemption u/s. 54 granted as all the conditions satisfied.
Madras High Court held that valid ITC availed on purchase tax which remained unutilized is entitled for the transitional credit under section 140 of TNGST Act, 2017
Madras High Court held that receipt of export proceeds through authorized dealers like Paypal is in accordance with the direction issued by RBI and hence refund duly admissible.
