Income Tax : Learn how recent amendments to Section 112 of the Income Tax Act impact capital gains tax, including indexation rollback and new t...
Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the...
Income Tax : Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. I...
Income Tax : Learn about the key exemptions available for capital gains under different sections like 54, 54B, 54D, 54EC, and more. Understand ...
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 Jaipur addressed tax deductions under Sections 54F & 54B in Kuldeep Singh Shekhawat vs. ITO, ruling on belated filings and ca...
Income Tax : ITAT Raipur held that exemption under section 54B of the Income Tax Act is allowable since pre-condition regarding usage of land f...
Income Tax : ITAT Jodhpur ruled in favor of Arun Agarwal, allowing exemption under Section 54B for agricultural land sale, emphasizing that par...
Income Tax : ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh revie...
Income Tax : PCIT observed that no agricultural activity was carried out from the year 2014 till 2018 in both the lands i.e. the agricultural l...
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...
Inderjit Singh Mann Vs ACIT (ITAT Chandigarh) The assessee has filed copy of the sale deed dated 19.2.2009 in the paper book in which it is specifically mentioned that assessee received various advances from the purchasers on different dates in the year 2007 before execution of sale deed. According to the chart prepared by the […]
Assessee should be allowed benefit of deduction under section 54B of Act since purchase in new property has been made out of advances received towards sale of agricultural properties held by assessee.
ITAT Delhi held that by mere putting a seal as approving statement is not sufficient for initiation of reassessment proceedings u/s 147. It proves that approving authority has granted the approval in mechanical manner without application of mind and hence initiation of reassessment proceedings invalid.
ITAT Pune held that provisions of section 54B of the Income Tax Act being an exemption provision needs to be interpreted strictly. Accordingly, as land revenue record clinches that agricultural activity is not carried out on the impugned land, deduction u/s 54B not available.
Vipin Kumar Vs ITO (ITAT Delhi) ITAT Delhi held that benefit under section 54B of the Income Tax Act cannot be denied on mere fact that property was valued by the registered authority as a non-agricultural land for the purpose of stamp paper. Facts- The AIR information from sub registrar, Hapur Second in the case […]
ITAT held that deduction under Section 54B/54F of Act is available in cases where investments are made in property purchased in name of wife.
ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same.
HUF is owner of the said agricultural land though it is registered in the name of the coparcener, as the HUF is enjoying all the benefits of the said agricultural land.
Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the 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 may be completed on or before 31st March 2023.
