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 case addresses whether third-party cultivation affects Section 54B eligibility. The Tribunal ruled that use of land for agricu...
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 : 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...
Sold agricultural land? Re-invest the proceeds in new land within 2 years to claim tax exemption under Section 54B. Even if the new land is registered in your son’s name, you may still qualify. Learn the details and avoid common mistakes with this informative guide.
ITAT Ahmedabad dismisses appeal against revision order denying 80GGC deduction for donation to a political party, emphasizing the need for genuine receipts.
ITAT Delhi rules in favor of taxpayer Simran Bagga, allowing deduction under section 54 for property registered in spouse’s name. Full text and analysis here.
Explore the Ravinder Kumar vs ITO case at ITAT Delhi. Learn how the tribunal allowed capital gain deduction under section 54B for agricultural land purchased in the name of the spouse.
Read the detailed analysis of the ITAT Delhi’s decision to dismiss a reopening based on a change of opinion in the case of ITO Vs Sant Singh.
ITAT Chennai’s ruling in Smt. Nagappan Suganthi Vs ACIT. Non-consideration of evidence on deduction claim u/s 54B and capital gains exemption on sale of agricultural land. Matter remanded to AO.
ITAT Hyderabad held that receipt of more than Rs. 20,000 by way of cash without any reasonable cause is in contravention of provisions of section 269SS of the Income Tax Act. Accordingly, penalty under section 271D duly imposed.
ITAT Bangalore held that disallowance of deduction claimed u/s 54F unjustified as no steps were taken to convert the limited scrutiny into complete scrutiny. Accordingly, disallowance deleted.
ITAT Pune held that exemption under section 54B of the Income Tax Act based on new agricultural land bought in the name of the son and daughter-in-law and not in the name of the assessee is not allowable.
The income tax department developed the idea of capital gain exemptions to address this problem. If we receive money from the sale of capital assets, we have the choice to deposit it in our CGAS account before filing our income tax return or before the return’s due date, which is typically July 31st.
