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...
The Tribunal held that section 54 relief cannot be denied merely because the new property was purchased in the spouse’s name. It ruled that actual investment of capital gains is the key requirement.
The Tribunal held that cash deposits are explained when supported by corresponding withdrawals, even without precise mapping. Once the assessee shows availability of funds, the onus shifts to the AO to rebut the explanation. The addition under Section 69A was deleted in full.
ITAT rules that an additional 54B claim omitted in the original return cannot be mechanically rejected. AO must examine the claim on merits, verifying capital gains utilisation and statutory conditions.
The Tribunal held that investment in agricultural land in a spouse’s name qualifies for deduction under Section 54B, following Rajasthan High Court precedent.
ITAT upheld reopening of assessment but allowed Section 54 exemption, ruling that construction delay due to YEIDA’s possession issues was beyond assessee’s control and thus eligible for relief.
ITAT Chennai held that when sales are accepted and supported by records, entire purchases cannot be treated as bogus merely because suppliers were untraceable. Addition restricted to 12.5% as profit element.
ITAT Indore held that land located beyond 8 km from nearest municipality does not qualify as a capital asset under Section 2(14)(iii), exempting gains from capital gains tax.
This guide breaks down the complete taxation of salary income in India—covering allowances, perquisites, retirement benefits, and exemptions available to salaried taxpayers.
The ITAT set aside a CIT(A) order that allowed a Section 54B capital gains exemption, because the CIT(A) copied a co-owners case ruling without independently verifying the factual evidence of agricultural use. The Tribunal reiterated that the burden to prove agricultural use rests on the assessee and remanded the matter for a fresh, reasoned decision based on factual findings.
Delhi ITAT confirms that a private trust with identifiable beneficiaries is eligible for the capital gains exemption under Section 54F, similar to an individual.
