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Income Tax - The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....
Read MoreIncome Tax - Section 2(42A) - Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset - Consequential amendments to be made in sections 54, 54B, 54D and 54F...
Read MoreIncome Tax - Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...
Read MoreShri Laxmi Narayan Vs Commissioner of Income Tax (Rajasthan High Court) - On the ground of investment made by the assessee in the name of his wife, in view of the decision of Delhi High Court in Sunbeam Auto Ltd. and other judgments of different High Courts,the word used is assessee has to invest it is not specified that it is to be in the name of assessee....
Read MoreMahadev Balai Vs. ITO (Rajasthan High Court) - In all these appeals common question of law and facts are involved hence they are decided by this common judgment....
Read MoreMajid Khan Nisar Khan Vs ITO (ITAT Pune) - Majid Khan Nisar Khan Vs ITO (ITAT Pune) Revenue records clearly show that there was cultivation on the land. In so far as determination of two years period is concerned, the period of two is to be determined from date of sale and not the immediately two preceding financial years. The date of sale o...
Read MoreCIT Vs Shri Dinesh Verma (Punjab & Haryana Court High Court) - Punjab & Haryana High court held in CIT vs Shri Dinesh Verma that exemption u/s 54B could be claimed for short term & Long term assets because there was no such provision u/s 54B which denies exemption for short term assets. ...
Read MoreA.C.I.T. Vs Smt Sudha Jajodia (ITAT Kolkatta) - Appeal of the revenue stands allowed and only the cost of theland has to be considered for calculating exemption u/s 54B no other expenses will be taken into account. So ITAT disallowed the expenses of leveling and filing of land and set aside the order of CIT(A) and restore that of A.O on this issu...
Read MoreShri Laxmi Narayan Vs Commissioner of Income Tax (Rajasthan High Court) -
Mahadev Balai Vs. ITO (Rajasthan High Court) -
Majid Khan Nisar Khan Vs ITO (ITAT Pune) -
CIT Vs Shri Dinesh Verma (Punjab & Haryana Court High Court) -
A.C.I.T. Vs Smt Sudha Jajodia (ITAT Kolkatta) -
