Income Tax : Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be de...
Income Tax : Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. T...
Income Tax : Tribunal held that a commercial tannery cannot be treated as a residential house merely because rent is taxed under “House Prope...
Income Tax : The Tribunal held that incomplete villas incapable of occupation and held as business assets do not amount to residential houses. ...
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 : 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 : All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the ...
Income Tax : Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit R...
Income Tax : The Tribunal clarified that filing of original return is not mandatory for claiming exemption under Section 54. It directed verifi...
Income Tax : The Tribunal held that different floors of the same building constitute one residential house. Deduction under Section 54 cannot b...
Income Tax : The tribunal ruled that rejection of Section 54F deduction was premature as the assessee later produced relevant documents. It dir...
Income Tax : The issue was denial of deduction under Section 54F as a fresh claim not made in return. The ruling remanded the matter, holding s...
Income Tax : ITAT ruled that deduction under Section 54F can be raised during reassessment if it relates to the income under scrutiny. The case...
CA, CS, CMA : The ICAI Disciplinary Committee reprimanded CA Jayant Ishwardas Mehta for professional misconduct involving an incorrect income t...
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...
Income Tax : Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last...
The Tribunal clarified that filing of original return is not mandatory for claiming exemption under Section 54. It directed verification of conditions and allowed relief if eligibility is established.
Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be denied if investment is completed within the prescribed period, even if started earlier.
Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. The ruling emphasizes substance over procedural formalities.
The Tribunal held that different floors of the same building constitute one residential house. Deduction under Section 54 cannot be denied on the ground of structural division.
The tribunal ruled that rejection of Section 54F deduction was premature as the assessee later produced relevant documents. It directed reassessment to verify evidence and ensure proper hearing.
The issue was denial of deduction under Section 54F as a fresh claim not made in return. The ruling remanded the matter, holding such claims can be examined if supported by facts.
ITAT ruled that deduction under Section 54F can be raised during reassessment if it relates to the income under scrutiny. The case clarifies that reassessment scope includes such connected claims.
DCIT Vs Revanth Challagalla (ITAT Hyderabad) Section 54F Allowed Even When Property Purchased in Sister’s Name – Subsequent Gift Validates Claim In this case, the ITAT Hyderabad upheld the allowance of deduction under Section 54F despite the property being initially registered in the name of the assessee’s sister. The assessee, an NRI, had sold villas […]
The case involved denial of deduction due to delayed execution of purchase deed. The Tribunal held that investment in an under-construction property qualifies as construction within the extended time limit. It ruled that deduction cannot be denied on technical interpretation of timelines.
The issue involved taxing property value as unexplained investment without prior notice. The Court held that absence of a show cause notice under Section 69 violated principles of natural justice, leading to quashing of the order.
