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...
A key area of contention has been whether cost incurred for purchase of land or commencement of construction before date of transfer of original asset is eligible for section 54F exemption
ITAT Surat rules Section 54F exemption is permissible on a residential property purchase through a possession-based agreement, even without a registered sale deed.
ITAT Delhi held that registered deed of new property not mandatory for claiming exemption under section 54F of the Income Tax Act. Investment in property and possession thereof sufficient for claiming exemption.
Delhi High Court held that exemption under section 54F of the Income Tax Act is allowed towards different floors of a house considering it as single residential house. Accordingly, appeal of the revenue dismissed.
ITAT Ahmedabad held that claim of exemption under section 54F vide return of income filed in compliance to notice u/s. 148 needs to be evaluated by AO. Accordingly, matter restored back to the file of J.A.O. for making necessary verification for exemption claim.
Delhi High Court held that different floors of a singular house cannot be considered as multiple residential houses. Accordingly, deduction under section 54F of the Income Tax Act cannot be denied. Thus, appeal of revenue dismissed.
ITAT Chandigarh held that deduction u/s 54B of the Income Tax Act, 1961 is not admissible if the new capital asset i.e. agriculture land is purchased in the name of wife of the assessee. Accordingly, appeal of assessee partly allowed.
Chennai ITAT remands Syed Hussain Syed Asif’s case on Section 54F exemption denial, allowing assessee to submit documents for fresh assessment.
ITAT Mumbai holds flat received by illegal occupant as non-taxable capital receipt, reversing additions made under Section 56(2)(vii)(b) and denial of 54F deduction.
ITAT Mumbai held that date of allotment letter, rather than date on which purchase deed of conveyance was entered, should be considered for holding period of the property. Accordingly, appeal of assessee allowed.
