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 : The Income Tax Bill, 2025 renumbers Section 54F as Section 86 while retaining the existing conditions, computation, and exemption ...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
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 : Karnataka High Court held that reopening a completed scrutiny assessment without fresh tangible material is impermissible as it am...
Income Tax : ITAT held that exemption under Sections 54/54F cannot be denied where sale proceeds are invested in a residential house within the...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : ITAT held that substantial construction and structural improvements satisfied Section 54F. AO was directed to allow the deduction....
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
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 Ahmedabad deleted the penalty under Section 270A(9) for an excess claim of deduction under Section 54F, ruling it was a computation error, not misreporting. The Tribunal held that since the assessee had fully disclosed all facts and the error didn’t involve fraud or suppression, the penalty couldn’t be sustained under the specific clauses of misreporting.
Judicial rulings confirm interior decoration expenses like modular kitchens and wardrobes are eligible for tax exemption under Sections 54 & 54F if they ensure the house is habitable.
ITAT Hyderabad deleted the Capital Gains addition in AY 2016-17, ruling that conditional possession under a JDA for mere development is NOT transfer u/s 2(47)(v). Tax is due only when full possession is handed over, confirming taxability in AY 2019-20.
ITAT condones 498-day delay & remands case for de novo assessment, ruling that a mere mistaken capital gains declaration by a previous representative doesn’t create tax liability. AO must verify if actual property transfer occurred, as documents show no sale.
The ITAT confirmed that Section 54F capital gains exemption covers the entire investment in a new residential house, including the cost of land, even if purchased early. It ruled that land is an inseparable component, upholding the construction timeline as sufficient compliance.
The ITAT deleted the addition, finding that the assessee fulfilled the Section 54F condition by investing the entire sale proceeds and acquiring legally enforceable rights in the property well before the two-year deadline. The key takeaway is that a delay in the execution of the final registered agreement, caused by the builder, cannot be held against the taxpayer.
The ITAT invalidated a reassessment order because the Assessing Officer (AO) failed to make any addition on the sole issue for which the reassessment was initiated (cash deposits). Citing binding precedent, the Tribunal ruled that once the reason to believe ground is not established, the AO loses jurisdiction to make additions on entirely new issues, quashing the entire assessment.
The ITAT deleted a penalty under Section 271(1)(c), ruling that once the capital gains deductions (Section 54EC/54F) are substantially allowed in the quantum appeal, there’s no concealment of income. The Tribunal emphasized that filing a belated return within Section 139(4) does not automatically invalidate a genuine deduction claim, making the penalty unsustainable.
The ITAT quashed the reassessment order as void because the final assessment was completed by an Income Tax Officer (Ward-2) who lacked jurisdiction, while the proceedings were initiated by another officer (Ward-3). The Tribunal, citing the Allahabad High Court, ruled that jurisdiction cannot be waived or conferred by participation.
ITAT Hyderabad held that once it is proved that amount is invested towards purchase of new residential property then deduction under section 54F of the Income Tax Act cannot be denied merely because property got registered beyond stipulated period.
