Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricult...
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 : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : The Madras High Court held that the tax authorities failed to examine the assessee's request to consider exemption under the corre...
Income Tax : The ITAT Bangalore condoned a 252-day delay after finding that the assessees legal representatives had shown sufficient cause aris...
Income Tax : The ITAT Ahmedabad held that the assessee was entitled to deduction under Section 54B after the Assessing Officer, in a remand rep...
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...
Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricultural property within the prescribed period. The provision also outlines conditions relating to agricultural use, Capital Gains Account Scheme deposits, and withdrawal of exemption on early transfer or non-utilisation of funds.
The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject to eligibility, timelines, limits, and compliance conditions.
ITAT Surat held that the Assessing Officer could not refer the property valuation to the DVO where the assessee had adopted a higher value based on a registered valuer’s report. The LTCG addition based on the DVO report was deleted.
The Tribunal held that the amended Section 55A could not be applied to a land sale completed before 01.07.2012. Since the DVO reference was not valid under the law then in force, the capital gains addition based on that valuation could not stand.
The Tribunal held that the amendment to Section 55A applies prospectively and could not be used for land transactions completed before 01.07.2012. As the assessee had relied on a registered valuers higher valuation, the DVO reference was declared invalid and the appeal was allowed.
The Tribunal held that the Assessing Officer could not validly refer the matter to the DVO for a transaction completed before the 2012 amendment to Section 55A. Capital gains were directed to be recomputed using the registered valuers report.
The Tribunal held that documents relating to the assessee were found during the search of another person. It ruled that proceedings could only be initiated under Section 153C, making the reassessment under Section 148 invalid.
Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had already examined the Section 50C valuation issue during original proceedings. The Court ruled that reopening amounted to a mere change of opinion.
The Nagpur ITAT held that exemption under Section 54B requires evidence of active agricultural operations and not merely agricultural classification in revenue records. The assessee’s failure to produce supporting evidence led to denial of exemption.
The ITAT Dehradun held that exemption under Section 54B cannot be denied merely for non-deposit in the Capital Gains Account Scheme when the assessee actually invested the sale proceeds in agricultural land within the statutory period. The ruling treats such non-deposit as a procedural lapse.
