Tag: capital gains
Once capital gain taxed in hands of individual member of society, same cannot be taxed again in the hands of society ABCAUS Case Law CitationABCAUS 3544 (2021) (08) ITAT Important case law relied referred:Corporation of India Ltd. – 187 ITR 688 (SC)Mohinder Kaur JoshPunjabi Coop House Building Society …
Allowable Cost of construction when only first floor of house was sold as per registry to reduce the stamp duty. ITAT restored the case for fresh determination In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made by the …
Capital gain to be computed first applying exemption and then provisions for set off of capital loss ABACUS Case Law CitationABCAUS 3369 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Vijay M. Mahtaney 35 taxmann.com 228 (Mad) In the instant case, the assessee had …
Land received on HUF partition was itself stock in trade, hence there was no conversion of capital assets u/s 45(2) of Income Tax Act ABCAUS Case Law Citation:ABCAUS 3331 (2020) (07) HC Important case law relied upon by the parties:Kalooram Govindaram vs. CIT (1965) 57 ITR 335 (SC)Udarshan …
Execution of sale deed by order of High Court would relate back to the date of original agreement to sale with benefit of cost indexation from said date ABCAUS Case Law Citation:ABCAUS 2692 (2019) (01) HC Important Case Laws Cited/relied upon:ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd., …
In a recent judgment, ITAT Delhi has held that land possession given and major sales consideration received through unregistered agreement to sell amounts to transfer u/s 2(47) of the Income Tax Act, 1961, though it was claimed that possession was taken back for non receipt of balance sales consideration. …