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Capital Asset

Agricultural Land is at 2.75 Km from Municipal Limit as per Google Map: ITAT quashes Capital Gain Addition [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal ( ITAT ) has quashed a long-term capital gains addition after holding that the land sold by...

Licence to use Software Not an Enduring Benefit: ITAT Treats Software Licence Fees as Revenue...

Agricultural Land Sold 10 km Beyond Municipal Limits: ITAT Orders Verification to Determine Capital...

Tax Case Strips Harry Potter Star - Ron Weasley - Rupert Grint - Tax Case Strips - Tax Case - UKs tax authority - tax authority - court case - Harry Potter - taxscan

Expelliarmus! Tax Case Strips Harry Potter Star "Ron Weasley" Rupert Grint of £18.34 Crore

Purchase of Agricultural Land not fall under Definition of Capital Asset: ITAT deletes Addition...

Consideration from Sale of Urban Agricultural Land is subject to Capital Gains Tax: ITAT upholds Revision Proceedings u/s 263 of Income Tax Act [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) upheld revision proceedings under Section 263 of the Income Tax Act, 1961 ruling that consideration from the sale of urban agricultural...

Interim Budget 2024: 15 Terms that every lncome Tax Payer must know to understand Budget

Finance Minister Nirmala Sitharaman is scheduled to announce the Interim Budget 2024 on February 1, 2024. Different sectors in India have put forth their needs and demands. Here are 15 important...

ITAT Annual Digest 2023 [Part 1]

This yearly digest analyzes all the ITAT stories published in the year 2023 at taxscan.in ITAT upholds Penalty u/s 271(1) (c) When Assessee failed to make Full and True Disclosure of the facts in...

ITR Filing and Disclosure of Foreign Bank Accounts, Assets & Income: All You Need to Know

Foreign bank account holders, individuals with foreign assets, and those earning foreign income are required by the Income Tax Department to disclose this information while submitting their Income...

ITR Filing and Disclosure - Assets - Income - ITR Filing - Foreign Bank Accounts - Taxscan

S.50C Applicable to Transfer of Capital Asset of Land or Building not to Transfer of Rights: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the Section 50C of the Income Tax Act 1961 is applicable to transfer of capital asset of land or building and not to the transfer...

Land not a Capital Asset but a “Work-in-Progress” for Real Estate Company, Expenses to be treated as Revenue Expenditure: ITAT

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that Land is not a Capital Asset but a 'Work-in-Progress' for a Real Estate Company. It was also observed that the Expenses incurred...

Income Arising from Sold Land Established as Agricultural Land cannot be Treated as Capital Asset: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that income arising from land could not be treated as capital asset once the nature of the land sold had established as agricultural...