Tag: exemption u/s 54B
Unless and until the order of ITAT is reversed by High Court, the same has to be given due effect – ITAT In a recent judgment, ITAT has held that judicial discipline demand that unless and until order of the Tribunal is reversed by the High Court, the …
No Capital gain deduction u/s 54B for agricultural land purchased in the name of wife – High Court Exemption under Section 54B of the Income Tax Act, 1961 cannot be allowed to assessee if land is purchased in the name of spouse ABCAUS Case Law Citation:ABCAUS 3829 (2023) …
Exemption u/s 54B denied for investment in agricultural land made in the name of wife. ITAT followed decision of jurisdictional High Court ABCAUS Case Law Citation:ABCAUS 3748 (2023) (05) ITAT Important Case Laws relied uponCIT vs Dinesh Verma 60 taxmann.com 461 (P&H)Commissioner of Income Tax Vs Vegetable Products …
Claim for exemption u/s 54B allowed though not made in the return of income. AO had disallowed claim as revised return was not filed ABCAUS Case Law Citation:ABCAUS 3077 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:M/s. Goetze India Pvt. Ltd. Vs. CIT 284 ITR …
No exemption u/s 54B for purchase of agricultural land belonging to Scheduled Caste which cannot be transferred unless converted to non-agricultural land. ABCAUS Case Law Citation:ABCAUS 3056 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Mysore Minerals Ltd. Vs CIT 239 ITR 775CIT Vs. Podar Cement …
Non-cultivation of land due to vagaries of nature will not change the character of land from agriculture to non- agricultural land – ITAT allowed exemption u/s 54B ABCAUS Case Law Citation: ABCAUS 3021 (2019) (06) ITAT During the year, the assessee had sold land and claimed deduction under …
Exemption u/s 54B available even if part of land is in cultivation, there is no requirement that entire land should be in cultivation for claiming benefit. Merely because of admission to disallowance, assessee can not be denied the benefit to which he is eligible ABCAUS Case Law Citation: …
Deduction 54B for agricultural land purchased prior to sale deed allowed. Date of actual transfer or even purchase of new land not always relevant – ITAT ABCAUS Case Law Citation: ABCAUS 2551 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. Janardhan Dass 299 …
Deduction u/s 54B allowed for purchase of agricultural land in the name of son to avoid future family disputes relating to the inheritance of the property ABCAUS Case Law Citation: ABCAUS 2538 (2018) 09 ITAT The appellant assessee was aggrieved by the order of the CIT(A) for the …
Exemption u/s 54B-Use of land for agricultural purposes for full two years not necessary. Even if only Kharif crop was cultivated between two years, condition of Section 54B complied with – ITAT ABCAUS Case Law Citation: ABCAUS 2036 (2017) (08) ITAT Assessment Year : 2012-13 Important Case Laws …
