Tag: Capital Gain
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 …
Deduction us 54-Old fund used for construction of new house. It is not mandatory that only the sale consideration of house sold is to be utilized for purchasing or constructing a new residential house-ITAT ABCAUS Case Law Citation:ABCAUS 1106 (2017) (01) ITAT Important Case Laws Cited/relied upon:Smt. Shantaben P. …
Husband Wife treated single unit for capital gains deduction u/s 54 54F. Compensation paid to husband to vacate house owned by wife not allowable – ITAT ABCAUS Case Law Citation: 996 (2016) (08) ITAT Assessment Year: 2011-12 Date/Month of Judgment/Order: August 2016 Brief Facts of the Case: The  assessee …
No difference between gift and settlement for capital gains purposes. In a recent judgment, ITAT, Chennai has held that there is no difference between a gift and settlement and for the purpose of computing capital gains, the holding period of the capital asset (Trade Mark) transferred, the holding period …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes
