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Capital Gain

Budget 2023: Income Tax Relief for Market Linked Debentures [Read Finance Bill]

Kalyani B. Nair

The finance minister Nirmala Sitharaman, in the Union Budget 2023 provided Income Tax Relief to Market Linked Debentures. The proposed amendment...

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

Mere Claim of Interest of Housing Loan in ITR by Son of Assessee Would Not Absolve Capital Gain Tax...

Allowing S. 54B Deduction without Verification of Claim amounts to “Erroneous Assessment”: ITAT...

CBDT Extends Time Limit for Compliance to be Made for Claiming Capital Gain Exemption [Read...

Assessment order Not Erroneous, Jurisdiction u/s 263 can't invoke: ITAT [Read Order]

The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) has held that jurisdiction under section 263 of the Income Tax Act,1961 can’t invoke when the assessment order passed by the Assessing...

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 December 24 to December 30 ,2022 ...

Sale of Entire Business amounts to Slump Sale, Taxable under Capital Gain: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of an Entire business amounts to a slump sale and is taxable under capital gain. Lifestyle International Pvt....

Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), granted exemption under Section 54 of the Income Tax Act, 1961 (capital gain exemption) on depositing unutilized capital gain in Deposit...

Property transferred to Mother for Rs. 5 Lakhs not 'Gift', Taxable as 'Capital Gain': ITAT Orders to Apply S. 50C [Read Order]

The Income Tax Appellate Tribunal (ITAT), Rajkot bench has held that the property transferred in the name of mother for a nominal consideration of Rs. 5 lakhs cannot be treated as a “gift” as the...

Capital Gain fully utilised for Acquisition of new Residential House Eligible for Income Tax Exemption u/s 54 of Income Tax Act: ITAT [Read Order]

The Delhi Income Tax Appellate Tribunal (ITAT) chaired by Yogesh Kumar US (Judicial Member) and Dr. B. R. R. Kumar (Accountant Member) held that the equivalent amount of capital gain utilised for...

Land received in lieu of Business Loan is Business Asset, not Capital Asset: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Chennai, chaired by Mahavir Singh, Vice President, Judicial Member, and Manoj Agarwal, Accountant Member of has ruled that the land came into the...

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