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...
Learn about date of acquiring a new property and its impact on capital gain tax exemption under Section 54 of Income Tax Act. Explore legal cases and guidelines.
Sikkim High Court held that as per guidelines of the Budgetary Support Scheme, if any unit undergoes for relocation, expansion and change of ownership, it will not be eligible under the Budgetary Support Scheme.
Learn about case of Smt. Maninder Kartik vs. DCIT (ITAT Delhi) regarding denial of exemption u/s 54 due to non-compliance and legal precedents that support taxpayer’s claim.
Discover how ITAT Mumbai’s recent ruling affects capital gain exemption under section 54F for properties purchased outside India.
Read about the CESTAT Kolkata case Commissioner of Customs vs. S N Enterprises. Find out why the redemption fine and penalty were upheld under the Customs Act.
ITAT Mumbai held that damage on account of right to sue is a capital receipt and accordingly not chargeable to tax.
A deep dive into CESTAT Kolkata’s ruling in Commissioner of Customs Vs K.K. Woollens, where the court confirmed penalties for undetermined imports of used clothes.
Dive into the legal complexities of the Commissioner of Customs Vs S K P Enterprises case (CESTAT Kolkata), which revolves around the import of restricted old and used clothing. Get insights on why CESTAT dismissed the appeal for enhanced fines.
ITAT Delhi held that held that benefit of indexed cost of acquisition should be available to assessee based on payments made. Accordingly, AO directed to re-compute gain.
Explore GST refund provisions, fraudulent refund schemes, and legal battles. An in-depth analysis of relevant cases and the refund process.
