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...
In present facts of the case, the Hon’ble High Court observed that the petitioner was rendering advisory services to entity in Singapore. The petitioner had repeatedly filed submissions before the concerned authorities (Adjudicating Authority as well as Appellate Authority) explaining that it is rendering “advisory services to overseas group companies with respect to investment avenues in transportation sector after performing its own analysis and due diligence”.
Learn how to save income tax on sale of a residential house in India under Section 54 of Income-tax Act, 1961. Complete guide and practical scenarios.
CESTAT Delhi held that goods imported are snow goggles and not sunglasses. Accordingly, the goods i.e. snow goggles are classifiable under residual CTH 90049090 as others and cannot fall under CTH 90041000 as sun glasses.
CESTAT Chennai held that site formation activity done after obtaining General Power of Attorney (GPA) but before selling the land is leviable to service tax under the category of ‘Site formation and clearance service’.
ITAT Ahmedabad rules deduction under Section 54 of the Income Tax Act not allowable in current year. Orders reexamination for Previous A.Y. Details here.
Insights on the JEM Exporter vs Union of India case, where the Bombay HC overturned the denial of input tax credit due to procedural errors.
ITAT Mumbai held that as per Section 56(2)(ix) of the Act money received as advance would be treated as income liable to tax in the hands of recipients under the head ‘Income from Other Sources’ provided such advance is forfeited and the negotiations do not resulted in transfer of the capital assets.
Section 54 of the Income Tax Act prescribes that an individual selling property can avail of tax exemption if the Capital gain amount is invested in the purchase or construction of residential property.
Delhi High Court rules in favour of a woman denied Section 54 tax exemption without hearing. Court mandates fairness and compliance with law.
Gauhati High Court held that Petitioner would be entitled to reimbursement of GST on differential amount of price variation of steel and GST paid by the Petitioner from the electronic credit ledger has to be taken into consideration while computing the Price Variation Clause (PVC) Claims of the Petitioner.
