Tag: deduction u/s 54
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 …
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 …
Deduction u/s 54. Assessee cannot be blamed for the delay in housing projects by the builder as sections 54 and 54F are beneficial provisions. In a recent judgment, ITAT has held that deduction u/s 54 can not be denied for the delay in housing projects by the builder …
Sale of property was long term capital gain as assessee held it from the date of advance payment and balance payment was only a follow up action ABCAUS Case Law CitationABCAUS 3502 (2021) (05) ITAT Important case law relied referredCIT vs A Suresh Rao 223 Taxmann 228 (Kar)Principal …
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 …
Allowability of Exemption u/s 54 where new residential property used partly for commercial purposes . ITAT remanded case for verification of the proposition ABCAUS Case Law Citation:ABCAUS 3100 (2019) (08) ITAT Important case law relied upon by the parties:Seema Sabharwala vs. Income Tax OfficerM. Subramanian vs. DCIT i …
Cancellation of flat booking held Long Term Capital Gain and deduction u/s 54 allowed. ‘Property’, is a term of widest import and signifying every possible interest which a person can hold or enjoy ABCAUS Case Law Citation: ABCAUS 2899 (2019) (05) ITAT Important Case Laws Cited/relied upon by …
When assessee invested entire capital gain in purchasing land to construct residential house, there cannot be any denial of exemption u/s 54 – ITAT ABCAUS Case Law Citation: ABCAUS 2647 (2018) (11) ITAT Important Case Laws Cited/relied upon: CIT v. Sardarmal Kothari (2008) 302 ITR 286 Mrs. Seetha …
Deduction u/s 54 allowed for property purchased from wife by General Power of Attorney as transfer of immovable property by a General Power of Attorney constitute transfer of capital asset. ABCAUS Case Law Citation: ABCAUS 2594 (2018) (10) ITAT The appellant assessee’s appeal was directed against the order passed …
Capital gain deduction us 54 54F allowable for belated returns u/s 139(4). Value of stamp duty authorities us 50C(3) to be adopted if DVO value is more ABCAUS Case Law Citation:ABCAUS 1086 (2016) (12) ITAT Brief Facts of the Case:The assessee was an individual deriving income from business, …