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Capital Gains

Income Tax Portal Rejects Returns with S.54/54F Deductions for FY 24-25: Practitioner Flags Issue to CBDT on X

Avinash Kurungot

Tax professionals, practitioners and filers have taken to X to highlight the struggles faced by them while trying to file their returns ahead of...

Countdown to 15th September: Here’s what Every Income Taxpayer Should Know

House sold for ₹67 lakh but only ₹1,690 shown in ITR: Know how Section 54 exemption helped secure...

Five Key Income Tax Changes for Salaried Employees: August 2025 Edition

ITAT fixes FMV of Land at ₹60/sq.m for Capital Gain Calculation, directs AO to Verify Deduction u/s...

Vintage Car Sale Liable to Capital Gains Tax if No Proof of Personal Use: Bombay HC [Read Order]

In a recent ruling, the Bombay High Court held that the sale of a vintage car is liable to capital gains tax if the assessee cannot prove that the car was used for personal purposes. Narendra...

ITAT remands Matter back to AO for Determination Fair Market Value Valuation in Distress Sale [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench has set aside the assessment for Satya Pal Khurana, directing the Assessing Officer (AO) to re-evaluate the fair market value of a shop sold...

Zero Tax up to Rs. 12.75 Lakh u/s 87A, But Will Short-Term Capital Gains Still Attract Income Tax?

Introduction Imagine earning ₹12.5 lakh a year from your salaried job and not paying a single penny as income tax. Sounds incredible? This is exactly what the government promised with the...

ITAT Weekly Round-up[July 26th - August 1st]

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week, from July 26th, 2025 to August 1st,...

ITAT Remands Capital Gains Dispute to AO: Faults Revenue on Legal Oversight, Upholds Principles of Justice [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has remanded the matter of capital gains taxation involving agriculturist Harwant Singh Grewal back to the Assessing Officer (AO) ...

Double Taxation of Income Already Offered to Tax in Subsequent Assessment Year: Orissa HC Overrides Appellate Remedy and Remits Order [Read Order]

The Orissa HighCourt recently set aside an assessment order passed under Section 147 read with Section 144 and 144B of the Income Tax Act, 1961, observing plausibility of double taxation of the same...

ITR-2 Online e-Filing Enabled: Late Yet Riddled with Glitches, says CAs and Tax Filers

The ITR-2 online utility for filing was already issued late, yet is causing considerable worries among taxpayers and professionals. The Chartered Accountants and Tax filers have raised multiple...