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Income Tax : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
Income Tax : The Tribunal held that contradictory third-party statements and unverified allegations cannot form the sole basis for taxing alleg...
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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...
From a plain reading of Sub-section (2) of Section 54 of the Income-tax Act, 1961, it is clear that only Section 139 of the Income-tax Act, 1961, is mentioned in Section 54(2) in the context that the unutilised portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of the Income-tax under Section 139
The assessee filed the return showing the taxable income of Rs. 33,570 on December 31, 1993. During the previous year relevant to the assessment year 1993-94, the assessee sold residential property for Rs. 60. lakhs. It was jointly owned by the assessee and Mrs. Prema P. Shah. It was purchased for Rs. 14.00 lakhs on March 29, 1983, and sold on April 4, 1992, for the aforementioned price.
In this case the assessee was denied exemption on the investments made with Delhi Development Authority. However, relief was granted by the Hon’ble High Court. It was held that section 54 of the Act of 1961 only says that within two years, the assessee should have constructed the house
Satish Chandra Gupta Vs Assessing Officer (ITAT Delhi): Relief granted for delayed house construction under Section 54 due to reasons beyond the assessee’s control.
The petitioner is in the service of the Bank of Baroda. He purchased a flat in Suvarnadeep Co-operative Housing Society Limited (for short “Surnadeep”), Santacruz, Bombay, on March 21, 1973, for a sum of Rs. 49,140 for the purpose of his residence. He was residing in that flat On October 24, 1979, he sold the flat for Rs. 1,25,000
