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Amount paid to Partner upon retirement towards his Share in Assets not liable to Capital Gain: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the amount paid to partner upon retirement towards his share in assets not liable to capital gain. The assessee, Dr. Vithal V....

Amount paid to Partner upon retirement towards his Share in Assets not liable to Capital Gain: ITAT [Read Order]
Taxscan Team

Maturity Amount received from Keyman Insurance Policy is taxed under the head Income from Other Sources: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench held that the assessee is not eligible to claim an exemption under section 10(10D) of the Act on the maturity value of the Keyman Insurance...

Maturity Amount received from Keyman Insurance Policy is taxed under the head Income from Other Sources: ITAT [Read Order]
Taxscan Team

Loss from Share Transactions cannot set off from Capital Gain from Sale of Property: ITAT

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the income tax law does not permit the assessee to set off the amount of loss from the sale of share...

Loss from Share Transactions cannot set off from Capital Gain from Sale of Property: ITAT
Taxscan Team

No Capital Gain Tax on Income from Relinquishment of Right: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the income from the relinquishment of right over a property cannot be treated as “capital gain” for the purpose of levying an...

No Capital Gain Tax on Income from Relinquishment of Right: ITAT [Read Order]
Taxscan Team

ITAT deletes Penalty since Assessee Voluntarily surrendered Income [Read Order]

der]The Kolkata bench of ITAT has recently held that penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied in the case where the assessee surrendered the income voluntarily...

ITAT deletes Penalty since Assessee Voluntarily surrendered Income [Read Order]
Taxscan Team

Capital Gain Deduction can’t be denied on ground of Procedural Lapses: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the benefit of section 54 of the Income Tax Act, being a beneficial provision, cannot be denied to the assessee due to...

Capital Gain Deduction can’t be denied on ground of Procedural Lapses: ITAT [Read Order]
Taxscan Team

Capital Gain Tax payable in the absence of deposit in Capital Gain Account Scheme: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the income tax can be levied on the amount of capital gain on transfer of land used for agricultural purposes if new land is not...

Capital Gain Tax payable in the absence of deposit in Capital Gain Account Scheme: ITAT [Read Order]
Taxscan Team

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