Read all Latest Updates on and about Section 54B of the Income Tax Act

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Assessee Ineligible for Deduction under Section 54B in lieu of land purchases in Wife’s name: ITAT [Read Order]

Saagarika Gopinath

The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) held that the assessee was ineligible for deduction under Section 54B of the...

Sale Deed Classified as Capital Asset, Qualifies for Long-Term Capital Gain Deduction under Section...

Agricultural Land purchased in Name of Wife Eligible for Capital Gain Deduction u/s 54B of Income...

Advance Payment for Purchase of Land and Deposit in Capital Gain Scheme Account Established: ITAT...

Non-Consideration of Evidence on Deduction Claim u/s 54B and Capital Gains Exemption on Sale of...

Deduction u/s 54B of IT Act shall not be disallowed, if Agriculture Land convert to Non-Agriculture just before Transfer of Land to Seller: ITAT [Read Order]

The Surat bench of Income Tax Appellate Tribunal (ITAT) has recently held that deduction under Section 54B of Income Tax Act 1961 should not be disallowed if agricultural land is converted to...

ITAT disallows Exemption under Section 54B for Property Purchased in Name of Wife [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) recently disallowed the exemption under Section 54B property purchased in the name of the wife of assessee. The Assessee Shri Surta...

ITAT Weekly Round-Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the previous week from March 5 to March 12, 2023. ...

Capital Gain Exemption u/s 54B can be claimed without filling of Income Tax Return: ITAT [Read Order]

The Bangalore Income Tax Appellate Tribunal (ITAT) has recently held that capital gain exemption under section 54B of Income Tax Act 1961 could be claimed without filing of Income Tax Return. ...

Assessee cannot be said to carry out Agricultural Activities merely because there were a Few Coconut Trees on Land: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the assessee could not be said to have carried out agricultural activities merely because the land had few coconut trees. ...

Valuation of Agricultural Land as ‘Non-Agricultural’ by for Stamp Papers Not a Ground to Deny Tax Benefit u/s 54B: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal has held that the valuation of agricultural lands as ‘Non-Agricultural’ for stamp papers could not be a ground to deny the tax benefit under Section...

ITAT quashes Revision Order of Pr CIT as prima facie evidence for claiming Exemption u/s 54B proved [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench consisting of Inturi Rama Rao, Accountant Member, and S S Viswanethra Ravi quashed the revision order of Principal Commissioner of Income Tax...