Deduction u/s 54 of Income Tax Act not allowable as Capital Gain as is not Taxable in Current Assessment Year: ITAT directs to examine Previous A.Y [Read Order]

Deduction - Income -Tax -Act- Capital- Gain - Taxable - Current- Assessment -ITAT -taxscan

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench while directing to examine previous year assessment regarding capital gain exemption held that deduction under Section 54 of Income Tax Act, 1961 is not allowable as capital gain is not taxable in the current assessment year. The sale of the residential property was occurred in the previous…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader