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S. 54B of Income Tax Act providing Income Tax Deduction is a Beneficial Provision, Shall be Interpreted Strictly: ITAT [Read Order]

Aparna. M

The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently held that section 54B of Income Tax Act 1961 provided income tax deduction and it...

Valuation of Agricultural Land as ‘Non-Agricultural’ by for Stamp Papers Not a Ground to Deny Tax...

Receipt from Conversion of Agricultural Land into Non-Agricultural Purpose is “Business Income”:...

Sale Proceeds of Agricultural Land Not Taxable as Capital Gain: ITAT [Read Order]

Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name:...

Agricultural Land used for Agricultural purposes is entitled for Exception u/s 2(14) of Income Tax Act: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), ruled that agricultural land used for agricultural purposes is entitled for exception under Section 2(14) of the Income Tax Act, 1961. ...

No application of Sec 43CA on absence of element of Transfer: ITAT deletes Income Addition [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), deleted income tax addition and held that no application of Sec 43CA of the Income Tax Act, 1961 on absence of element of transfer. ...

No Exemption on Income from Sale of Non-Agricultural Land on failure to fulfil twin condition for not being a Capital Asset: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that exemption on Income from the sale of non-agricultural land is not allowable on failure to fulfil twin conditions for not...

Agricultural Land acquired under Compulsory Acquisition is Exempt Income u/s 10(37): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that Agricultural land acquired under compulsory acquisition is exempt income under Section 10(37) of the Income Tax Act,1961. The...

ITAT allows Capital Gain Exemption u/s 54B on Sale of Agricultural Land even if Land is cultivated for some days during Relevant Years [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench,comprising of Shri Inturi Rama Rao, AM and Shri S S Viswanethra Ravi, JM has allowed exemption u/s 54B of the Income Tax Act,1961 on the sale of...

Farm House is part of Agricultural Land and eligible for Deduction u/s 10(37): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai held that Farmhouse is part of agricultural land and eligible for deduction under Section 10(37) of the Income Tax Act, 1961. The assessee, A....

Capital Gain Exemption u/s 54B cannot be claimed for Agricultural Land purchased in Wife’s Name: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under section 54B of the Income Tax Act, 1961 cannot be claimed for the agricultural land...

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