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 sets aside CIT(A) order, remanding Amit Gupta’s reassessment case for fresh review of Section 54F deduction and validity of Section 147 reopening
ITAT Bangalore allows Section 54F deduction for Ramaiah Dorairaj, ruling that direct investment in a new house within the period overrides non-deposit in Capital Gains Scheme.
ITAT Delhi held that deduction under section 54F of the Income Tax Act allowable since the provisions of section 54F allows for construction of the property within a period of three years. Accordingly, appeal allowed.
ITAT Chennai remands Murugan Doraisamy’s case, allowing re-evaluation of Section 54F deduction despite a delay in Capital Gains Account deposit.
ITAT Mumbai held that in the present case there is a surrender of tenancy rights against which a new flat has been allotted. Thus, deduction u/s. 54F admissible against the capital gain so computed on surrender of tenancy right.
ITAT Mumbai allows Section 54F deduction for Anant R Gawande, clarifying joint ownership and property acquisition for capital gains exemption.
ITAT Bangalore allows Section 54F capital gains exemption for an assessee, validating oral Hiba (gift) under Mohammedan Law and overturning previous denials.
ITAT Ahmedabad dismisses Revenue appeals, classifying share trading income as short-term capital gains and allowing Section 54F exemption for property investment.
ITAT Mumbai grants Section 54F exemption to Ratan Mahendra Jain for purchasing a duplex unit, clarifying it as a single residential property.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
