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ITAT Upholds Denial of Exemption u/s 54, Citing Failure to Invest in New Asset Within Specified Timeframe [Read Order]

Adwaid M S

The Income Tax Appellate Tribunal (ITAT) Lucknow Bench has upheld the denial of exemption under Section 54 of the Income Tax Act, 1961, to the...

CIT(A) Notices unserved, issued during Covid: ITAT remands Capital Gains Exemption Claim

Deduction u/s 54 of IT Act allowable even if Old Sale Proceeds not Reinvested in New Asset...

HUF Member's Property Purchase Entitles Capital Gain Exemption u/s 54 of Income Tax Act : ITAT...

ITAT quashes Disallowance of Deduction u/s 54 merely based on Non-Deposit of Capital Gains in...

When Property claimed differs from Property referred in Sale Agreement, benefit u/s 54 of Income Tax Act can't be attracted: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that when the property claimed is different from the property referred to in the sale agreement then benefit under Section 54 of the...

ITAT Allows 50% as Capital Gain Exemption u/s 54 to Joint Owner of Property: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) recently allowed 50 percent as capital gain exemption under section 54 of the Income Tax Act 1961 to joint owner of property. Assessee...

ITAT directs to Allow Capital Gain Exemption Considering Date of Acquisition of Property as per Allotment Letter [Read Order]

A single Bench of Mumbai Income Tax Appellate Tribunal (ITAT), in a recent ruling has directed to allow capital gain exemption considering the date of acquisition of property as per the allotment...

Capital Gain Exemption cannot be Denied on Alterations to House as there is No Ceiling on Amount of Investment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) recently held that capital gain exemption cannot be denied on alterations to houses as there is no ceiling on the amount of investment. Assessee Renu...

Instalment Payments outside time window do not debar claim of deduction u/s 54: ITAT upholds AO’s observation [Read Order]

The Income Tax Appellate Tribunal (ITAT) Jaipur has ruled that merely because the assessee has made payments in instalments and some of the instalments were paid prior to one year window before the...

Assessee can’t be denied benefit of 50% Deduction merely because Assessee’s son name is also there in Purchase Document: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) held that the assessee can not be denied the 50% of deduction under Section 54 of the Income Tax Act, 1961 merely because the name of assessee’s son is also...

“Transfer of property” completes only after extinguishing rights of owners : ITAT allows capital gain exemption [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench while allowing capital gain exemption held that transfer of property has completed only after extinguishing the rights of owners. The...