Tag: Capital Gain
Land introduced as capital in partnership firm rightly taxed as capital gain u/s 45(3), no benefit can be given for stock-in-trade ABCAUS Case Law Citation:ABCAUS 3815 (2023) (11) ITAT Important Case Laws relied upon by parties:P. Nageswara Rao vs. Dy. CITIncome Tax Officer vs. Orchid Griha Nirman (P) …
ITAT allows profits from sale of plots earlier converted into stock in trade as capital gain with indexation benefit ABCAUS Case Law Citation:ABCAUS 3796 (2023) (08) ITAT Important Case Laws relied upon:P.M. Mohammed Meerakhan vs. CIT (1969) 73 ITR 735 In the instant case, the Income Tax Department …
Consideration used in section 48 does not have any reference to market value but only to consideration referred to in sale deeds as sale price of assets ABCAUS Case Law Citation:ABCAUS 3791 (2023) (08) ITAT Important Case Laws relied upon:Commissioner of Income tax vs Gillanders Arbuthnot & Co. …
Computation of capital gains for the purposes of sub-section (1B) of section 45 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 8/2022 New Delhi, the 18th January, 2022 G.S.R. 24(E).—In exercise of the powers conferred by sub-section(1B) of section 45, read with section …
Consideration received on Family Settlement chargeable to capital gain tax in absence of ‘preexisting right’ in property. SLP dismissed by SC ABCAUS Case Law CitationABCAUS 3487 (2021) (04) SC Important case law relied referred:Commissioner of Income-tax, Mumbai vs. Schin P. AmbulkarKale and others vs. Deputy Director of Consolidation …
Tax liability of long-term capital gain is not on the power-of-attorney order but on registered owner of the property ABCAUS Case Law CitationABCAUS 3402 (2020) (10) ITAT Important case law relied upon by the parties:Suraj Lamps Industries 14 taxmann.com 103 (SC)Seshasayee Steels (P.) Ltd. 115 taxmann.com 5 (SC) …
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 …
Transfer u/s 2(47)(v) is complete when possession of immovable property taken over in part performance of contract ABCAUS Case Law Citation: ABCAUS 3051 (2019) (07) ITAT In The instant case, the Revenue had filed the appeal against the order passed by the CIT(A) in directing to treat the …
Capital gain arose in the year assessee relinquished his rights in the property at the time of allotment by executing agreement to sell ABCAUS Case Law Citation: ABCAUS 2832 (2019) (03) ITAT The Income Tax Department had challenged the order of the CIT(A) in deleting the capital gain …
