Tag: capital gain deduction u/s 54

Depositing unutilized capital gain amount in a special account is only a procedural matter, and non-compliance thereof cannot result in disallowance of deduction u/s 54 – ITAT ABCAUS Case Law Citation:ABCAUS 3806 (2023) (09) ITAT Important Case Laws relied upon by parties:CIT vs Venkata Dilip Kumar (277 taxman …

Capital Gain Exemption u/s 54 wrongly claimed under section 54F allowed being bonafide typographical mistake ABCAUS Case Law Citation:ABCAUS 3739 (2023) (05) ITAT Important Case Laws relied upon:ITO v Anirudh Ashok JajooShrikar Hotels (P.) Ltd. vs. Commissioner of Income-tax 79 taxmann.com 63Commissioner of Income-tax vs. Natraj Stationery Products …

Payment made by family member for purchase of new property not a bar to assessee in claiming exemption u/s 54F. No one to one co-relation is essential and investment in the name of assessee made within stipulated time is entitled to exemption – ITAT ABCAUS Case Law Citation:ABCAUS …

Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …

Capital Gain exemption u/s 54 denied for investment not out of sale proceeds ABCAUS Case Law CitationABCAUS 3646 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the action of Assessing Officer (AO) in restricting capital gain exemption …

Exemption u/s 54F allowed though Capital Gain sale proceed deposited in Nationalised Bank instead of capital gain deposit scheme account ABCAUS Case Law CitationABCAUS 3530 (2021) (07) ITAT In this case appeal was filed by the assessee against the order of the CIT(A) sustaining the addition made by …

Renovation of residential house allowable exemption u/s 54F as it amounts to construction of a residential house. ABCAUS Case Law CitationABCAUS 3393 (2020) (09) ITAT Important case law relied upon by the parties:CIT Vs.  Godavari Devi Saraf (1978) 113 ITR 589 (Bom) In the instant case, the assessee …

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 …

Exemption u/s 54F allowed as vendor insisted for execution of two  sale deeds to avoid TDS as agreement for purchase of property was not disputed  ABCAUS Case Law Citation:ABCAUS 3319 (2020) (06) ITAT In the instant case, the appeal was filed by the assessee against the  order passed …

Withdrawal of deduction u/s 54/54F beyond scope of rectification u/s 154. AO has no jurisdiction to re-appreciate evidences already considered.  ABCAUS Case Law Citation:ABCAUS 3294 (2020) (04) ITAT Important case law relied upon by the parties:T.S. Balaram, Income Tax Officer vs Volkart Brothers & Ors, 82 ITR 50 …