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...
Kerala High Court ruling emphasizes time limits in Income Tax Act assessments on remand. Detailed analysis of Joseph Michael vs. DCIT case and its implications.
Chennai ITAT’s ruling on Ramasubramaniam Sridhar Paul Vs ITO clarifies Sec.54F: no mandate on specific money usage for new investments under Capital Gain Account Scheme.
Section 54F nowhere envisages that sale consideration obtained by assessee from original capital asset is mandatorily required to be utilized for purposes of meeting cost of new asset. Section 54 Exemption allowable despite start of construction of new house before sale of old house
ITAT Bangalore held that non-registration of will doesn’t lead to any inference against its genuineness. Thus, jewellery inherited from mother in law based on non-registered will be capital assets and sell thereof results into long term capital gain.
Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-in periods analyzed.
Read the detailed analysis of the ITAT Hyderabad order quashing the assessment for A.Y. 2009-10 due to absence of property valuation report. Learn about the case of Khairunnisa Vs ITO.
Read the full text of the ITAT Ahmedabad order where the revision order against Rameshlal Bullchand Ambwani is quashed due to lack of valid reasons for JDA amendment.
Mumbai ITAT directs AO to reconsider immunity from penalty u/s 270AA for Prathamesh Vivek Khot vs ITO. Error in Form 68 caused delay. Detailed analysis & implications.
Once an appeal is lodged with CIT(A), the PCIT’s authority to revise assessment under Section 263 is circumscribed – Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)
Delhi ITAT addresses Pr.CIT’s revisional order on Section 54F deduction misuse for AY 2017-18 in Anju Ahuja vs PCIT, clarifying legal interpretations.
