Tag: Capital Gain

Discontinuance of business of partnership firm will not result in vesting ownership of firm’s property with individual partners for capital gain taxation In a recent judgment, ITAT Visakhapatnam has held that discontinuance of the business of partnership firm will not result in vesting ownership of firm’s property with …

Law does not require needless formalism when substantive compliance is manifest – ITAT deleted disallowance of exemption made under section 54 – ITAT  In a recent judgment, ITAT Mumbai has deleted disallowance of exemption made u/s 54 of the Income Tax Act on the premise that the assessee …

Without establishment sale transaction as long term capital gain, assessee is not entitled for deduction u/s 54F of the Act – ITAT In a recent judgment, ITAT Mumbai has held that without establishment the sale transaction as long term capital gain, he is not entitled for deduction u/s …

When assessee himself declared income as business or profession AO could not be directed to consider claim u/s 54/54F of the Act  In a recent judgment, ITAT Chennai held that when assessee himself declared income under the head “business or profession” and no capital gain was declared, no …

CBDT has clarified the question as to what would be the Cost of Acquisition as on 1.4.2001 for properties purchased prior to 2001 under new Capital Gain Tax Regime. With introduction of new Capital Gain Tax Regime by Union Budget 2024-25, many doubts have arisen. CBDT has recently …

Capital Gain Tax on sale of Shares, Mutual Fund Units increased. Indexing abolished Finance Bill 2024 has increased the income tax rates on Capital Gain Tax on sale of Shares, Mutual Fund Units and indexing has also been abolished. Currently, the income tax on capital gain arising on …

Deduction u/s 54F allowed for residential house purchased in the name of wife – ITAT In a recent judgment, the ITAT Chennai has allowed Deduction u/s 54F for residential house purchased in the name of wife holding that assessee and his wife would have commonality of interest to …

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. …