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 issue was denial of capital gains exemption due to claim under wrong section. The tribunal held that a genuine claim cannot be...
Income Tax : The Court held that reassessment cannot be initiated on issues already examined during scrutiny assessment. It ruled that reopenin...
Income Tax : ITAT Chennai set aside the appellate order and remanded issues on protective addition, Section 54F exemption, and TDS credit misma...
Income Tax : The Tribunal held that deposit in the capital gains scheme is not required if the entire amount is invested before filing the retu...
Income Tax : The Tribunal quashed reassessment proceedings as they were based on a mere change of opinion without any fresh tangible material. ...
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...
ITAT Delhi Strikes Down Addition: Sale share cannot be treated as an unsecured loan (u/s 68). The tribunal deletes the Rs. 1.41 Cr addition on sale consideration receipt, remanding the s. 54F deduction claim for limited verification.
ITAT Ahmedabad upheld reopening of assessment for undisclosed high-value property sale, but remanded the Rs. 2.01 crore capital gain for fresh valuation due to flawed valuation reports.
The Tribunal ruled that the Assessing Officer failed to conduct a proper inquiry into whether a large plot of land with a small house constituted a residential house for the purpose of the exemption. The case has been remanded for fresh adjudication.
Cochin ITAT rules that only essential expenses like plumbing and electrical works qualify for deduction under Section 54F, while luxury interiors such as modular kitchens, wardrobes, and ACs are not eligible. Partial relief granted.
Tribunal held that different floors of the same residential property cannot be treated as separate houses. Jyoti Jain’s exemption under Section 54F was allowed, clarifying the scope of ‘residential house’ for capital gains exemption.
The ITAT Delhi has deleted a Rs. 21.66 crore addition to a taxpayer’s income, ruling that the Assessing Officer illegally expanded the scope of a limited scrutiny. The Tribunal also held that the purchase and reconstruction of an old house qualifies for tax exemption under Section 54F.
ITAT Hyderabad upheld a revision order denying capital gains exemption, citing an unregistered sale agreement between a husband and wife as insufficient proof.
Tribunal remanded case to AO, allowing assessee to substantiate capital introduced from sale of agricultural lands with proper documents like patta, chitta, and adangal.
A recent ITAT Patna decision underscores that genuine tax claims aren’t defeated by incorrect section citations. Taxpayers can seek rightful exemptions if conditions are met, even with minor errors.
The ITAT Delhi has held that purchasing a residential plot and subsequently constructing a house on it fulfills the conditions for capital gains exemption under Section 54F of the Income Tax Act.
