![Amount paid to Partner of LLP out of balance of Accumulated Profits due to Commercial Expediency Not Taxable as “Capital Gain”, No violation of S. 47(xiiib)(f): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/LLP-Accumulated-Profits-Taxable-Capital-Gain-S47xiiibf-ITAT-TAXSCAN.jpg "Amount paid to Partner of LLP out of balance of Accumulated Profits due to Commercial Expediency Not Taxable as “Capital Gain”, No violation of S. 47(xiiib)(f): ITAT [Read Order]")
Amount paid to Partner of LLP out of balance of Accumulated Profits due to Commercial Expediency Not Taxable as “Capital Gain”, No violation of S. 47(xiiib)(f): ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) removed the Assessing Officer's addition and determined that the sum given to the LLP...
![Union Budget 2023: E-Gold Receipts Not to Attract Capital Gain [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2023/02/budget-2023-e-gold-receipts-capital-gain-budget-2023-live-union-budget-2023-nirmala-sitharaman-budget-nirmala-sitharaman-union-budget-nirmala-sitharaman-budget-2023-india-Taxscan.jpg "Union Budget 2023: E-Gold Receipts Not to Attract Capital Gain [Read Finance Bill]")
![Budget 2023: Income Tax Relief for Market Linked Debentures [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Tax-Market-Linked-Debentures-taxscan-budget-2023-budget-2023-live-union-budget-2023-nirmala-sitharaman-budget-nirmala-sitharaman-union-budget.jpg "Budget 2023: Income Tax Relief for Market Linked Debentures [Read Finance Bill]")
![Sale Proceeds of Agricultural Land Not Taxable as Capital Gain: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Sale-Proceeds-of-Agricultural-Land-Sale-Proceeds-Agricultural-Land-Capital-Gain-ITAT-taxscan.jpg "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 Liability: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere claim of interest on a housing loan in an Income Tax Return (ITR) by the son of the assessee would not absolve...
![Mere Claim of Interest of Housing Loan in ITR by Son of Assessee Would Not Absolve Capital Gain Tax Liability: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Claim-Interest-of-Housing-Loan-Housing-Loan-Loan-ITR-Capital-Gain-Tax-Liability-Tax-Income-tax-taxscan.jpg "Mere Claim of Interest of Housing Loan in ITR by Son of Assessee Would Not Absolve Capital Gain Tax Liability: ITAT [Read Order]")
Allowing S. 54B Deduction without Verification of Claim amounts to “Erroneous Assessment”: ITAT upholds Revision Order [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) in a recent ruling has upheld the revision order observing that allowing deduction under section 54B without verification of...
![Allowing S. 54B Deduction without Verification of Claim amounts to “Erroneous Assessment”: ITAT upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Deduction-Verification-Claim-Erroneous-Assessment-ITAT-Revision-Order-TAXSCAN.jpg "Allowing S. 54B Deduction without Verification of Claim amounts to “Erroneous Assessment”: ITAT upholds Revision Order [Read Order]")
CBDT Extends Time Limit for Compliance to be Made for Claiming Capital Gain Exemption [Read Circular]
The Central Board of Direct Taxes ( "CBDT” ) has issued a circular extending the time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act,1961 in...
![CBDT Extends Time Limit for Compliance to be Made for Claiming Capital Gain Exemption [Read Circular]](https://www.taxscan.in/wp-content/uploads/2023/01/Income-TAX-CBDT-Time-Limit-Capital-Gain-Exemption-Capital-Gain-taxscan.jpeg "CBDT Extends Time Limit for Compliance to be Made for Claiming Capital Gain Exemption [Read Circular]")
![Assessment order Not Erroneous, Jurisdiction u/s 263 cant invoke: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Assessment-order-Erroneous-Jurisdiction-us-263-ITAT-Taxscan.jpg "Assessment order Not Erroneous, Jurisdiction u/s 263 cant invoke: ITAT [Read Order]")
![Sale of Entire Business amounts to Slump Sale, Taxable under Capital Gain: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Sale-of-Entire-Business-amounts-Slump-Sale-Taxable-Capital-Gain-ITAT-Taxscan.jpg "Sale of Entire Business amounts to Slump Sale, Taxable under Capital Gain: ITAT [Read Order]")
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...
![Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Capital-Gain-Deposit-Scheme-ITAT-Capital-Gain-Exemption-TAXSCAN.jpg "Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption [Read Order]")