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Capital Gain

Interest Paid on Borrowings to Acquire Property deductible from Sale Consideration: ITAT directs to Re-Compute Capital Gain [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has directed that interest paid on borrowings to acquire property should be...

Half Yearly Income Tax Digest: ITAT Rulings 2024 [Part II]

Malad chamber - Tax consultants - Tax consultants issue - Budget memorandum - Finance minister - TAXSCAN

Malad Chamber of Tax Consultants issue Pre-Budget Memorandum prior to Budget 2024-2025

Rajasthan HC upholds ITAT Decision Deleting Addition Made on Capital Gain from Share Sale, Dismisses...

ITAT confirms Rs. 1.45 Crore Income Tax Addition as Short-Term Capital Gain in Taxpayer's...

Claim as Residential House having no Basic Amenities for Habitation is invalid: ITAT upholds Disallowance u/s 54 of Income Tax Act [Read Order]

The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) found that the claim of a residential house having no basic amenities for habitation is invalid and upheld the disallowance under...

Additional Income of Assessee cannot be treated as Concealed Income under Income Tax Act: Kerala HC [Read Order]

The Kerala High Court has held that additional income of assessee cannot be treated as concealed income for the purposes of Section 271(1)(c) of the Income Tax Act, 1961. It was held that the honesty...

No Capital Gain Tax on Transfer of Share by way of Gift: Bombay HC [Read Order]

The Bombay High Court has held that capital gain tax is not payable on the transfer of shares by way of gift. It was observed that Section 45 of the Income Tax Act, 1961 provides that any profits or...

Direct Tax Code under works, set to Replace Income Tax Act and Revamp Capital Gains, TDS Provisions

Official sources have indicated that if re-elected, the Narendra Modi government plans to prioritize the implementation of the long-pending Direct Taxes Code ( DTC ). Discussions are already underway...

ITAT directs re-adjudication with respect to LTCG of sold property which canceled by Civil court [Read Order]

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) directs re-adjudication with respect to Long Term Capital Gain of sold property which was canceled by the civil court. The Assessee...

CCI notifies Criteria for Levying Monetary Penalties on Enterprises under Competition Act: Here's what you need to know [Read Notification]

The Competition Commission of India ( CCI ), vide notification no. 01 of 2024 dated 6th March 2024 has notified the procedures for levying monetary penalties on the enterprises under the Competition...

CCI - Monetary Penalty Guidelines 2024 - Monetary Penalty - CCI penalty - Competition Commission of India - taxscan

Capital Gains arising on Sale of Shares cannot be regarded as Sham Profit: ITAT deletes additions made u/s 69A of Income Tax Act [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ), while deleting the addition made under Section 69A of the Income Tax Act, 1961 held that capital gain arising on sale of shares could not be...

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