Income Tax : ITAT held that execution of a registered joint development agreement amounts to transfer of land. Capital gains timing must be det...
Income Tax : Learn about capital gains tax exemptions under Sections 54 to 54GB of the Income Tax Act, conditions for eligibility, and withdraw...
Income Tax : This report provides a consolidated overview of the critical monetary threshold limits stipulated under various sections of the In...
Income Tax : Sections 54 to 54GA allow capital gains exemptions if sale proceeds are reinvested in specific assets. These cover residential pro...
Income Tax : Overview of exemptions and allowances for salaried employees, taxpayers, and businesses under various Income Tax provisions for AY...
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 : The ITAT relied on surrounding circumstances, documentary evidence, and the principle of human probabilities to conclude that cash...
Income Tax : ITAT Delhi held that exemption under section 54B of the Income Tax Act allowed since assessee is able to prove the nature of land ...
Income Tax : The Tribunal deleted addition under Section 69C, holding that payments made by company on behalf of director were properly explain...
Income Tax : ITAT Delhi held that Section 2(22)(e) cannot apply where the assessee held less than 10% shareholding in the lending company. As s...
Income Tax : Observing that the assessee invested the entire share of sale proceeds within two years and obtained possession, ITAT Pune allowed...
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...
The ITAT relied on surrounding circumstances, documentary evidence, and the principle of human probabilities to conclude that cash consideration was paid in a land transaction. The Tribunal confirmed the addition of unaccounted sale consideration as short-term capital gains.
ITAT Delhi held that exemption under section 54B of the Income Tax Act allowed since assessee is able to prove the nature of land as agricultural land based on revenue records and income tax return, wherein, income accepted as agricultural income.
The Tribunal deleted addition under Section 69C, holding that payments made by company on behalf of director were properly explained through ledger records and imprest arrangement.
ITAT Delhi held that Section 2(22)(e) cannot apply where the assessee held less than 10% shareholding in the lending company. As statutory thresholds were not met, the deemed dividend addition was largely deleted.
Observing that the assessee invested the entire share of sale proceeds within two years and obtained possession, ITAT Pune allowed Section 54B exemption. The addition under Section 69A was consequently deleted.
Deductions under Sections 54B and 54F were denied without examining crucial evidence. The tribunal remanded the matter for fresh adjudication after considering all documents and legal issues.
ITAT held that execution of a registered joint development agreement amounts to transfer of land. Capital gains timing must be determined from that date, not a later year chosen by the assessee.
The Tribunal held that Section 54B requires purchase by the assessee himself. Investment in agricultural land in the wife’s name does not qualify for deduction.
The Tribunal held that a registered JV agreement with possession in 2011 constituted transfer under section 2(47). Capital gains could not be taxed in AY 2017-18 and had to be aligned to the correct year.
The Tribunal condoned a 506-day delay after accepting that the appeal was filed only when heavy penalty exposure created prosecution risk. The key takeaway is that bona fide reliance on legal advice and later developments can constitute sufficient cause for condonation.
