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 Jaipur directs AO to quash Assessment Order under section 143(3) of Income Tax Act as notice to deceased assessee is deemed invalid. Detailed analysis and case precedents provided.
Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violation of section 269SS of the IT Act, if any, would call for a separate penalty under section 271D, not an addition under section 68.
Discover how the Madras High Court ruled on treating multiple flats as a single residential unit under Section 54F. Detailed analysis and implications explained.
Explore Arun K Thiagarajan Vs CIT, a case on Section 54 of the Income Tax Act, 1961. Detailed analysis, implications, and the court’s ruling explained.
In Sunil Amritlal Shah vs ITO, ITAT Mumbai ruled on Sec.54 deduction, stating possession date as relevant for under-construction property. Read the full analysis.
ITAT Bangalore allows Section 54F deduction for all apartment units from JDA, dismissing Revenue’s appeal. Learn about the significant tax ruling.
Understand the key differences between Section 54 and Section 54F for LTCG exemption through investment in residential property. Eligibility, time frame, investment amounts, and more are detailed.
The ICAI Disciplinary Committee reprimanded CA Jayant Ishwardas Mehta for professional misconduct involving an incorrect income tax exemption claim.
Bombay High Court ruling states that capital gain tax is not applicable on the transfer of shares as a gift. Detailed analysis and judgment explanation provided.
In the case of Gopalkrishna Pandu Shetty Vs ACIT (ITAT Mumbai), deduction under Section 54 of the Income Tax Act is allowed for a property purchased in the wife’s name. Detailed analysis and conclusion provided.
