All about Changes in New Updated Income Tax Returns ITR-1 and ITR-4
The Income Tax Department has recently rolled out the latest Income Tax Return (ITR) Form 1 and ITR Form 4 for the assessment year 2024-25, marking a...
![Claim of setoff of Unabsorbed Depreciation carried forward from earlier year against Income from Capital Gains shall be permitted: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Depreciation-income-tax-news-Capital-Gains-shall-be-permitted-TAXSCAN.jpg "Claim of setoff of Unabsorbed Depreciation carried forward from earlier year against Income from Capital Gains shall be permitted: ITAT [Read Order]")
![ITAT allows deduction on cost acquisition of land acquired from allottees of govt for rehabilitation dam project [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-deduction-cost-acquisition-land-acquired-allottees-govt-for-rehabilitation-dam-project-TAXSCAN.jpg "ITAT allows deduction on cost acquisition of land acquired from allottees of govt for rehabilitation dam project [Read Order]")
![Mere Transfer of Real Estate and Construction Business is not Succession of firm, Sale Consideration not subject to Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Mere-Transfer-Real-Estate-Construction-Business-Sale-Consideration-Capital-Gains-ITAT-taxscan.jpg "Mere Transfer of Real Estate and Construction Business is not Succession of firm, Sale Consideration not subject to Capital Gains: ITAT [Read Order]")
ITAT directs AO to Share Information of Beneficiaries of Leading Kingpins Providing Bogus Long Term Capital Gains within 90 days [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to share information of beneficiaries of leading kingpins providing bogus long term capital gains...
![ITAT directs AO to Share Information of Beneficiaries of Leading Kingpins Providing Bogus Long Term Capital Gains within 90 days [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-AO-ITAT-directs-AO-Information-Beneficiaries-Beneficiaries-of-Leading-Kingpins-taxscan.jpg "ITAT directs AO to Share Information of Beneficiaries of Leading Kingpins Providing Bogus Long Term Capital Gains within 90 days [Read Order]")
Non-Consideration of Evidence on Deduction Claim u/s 54B and Capital Gains Exemption on Sale of Agricultural Land: ITAT remands Matter to AO [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench remanded the matter before the Assessing officer for re adjudication due to nonconsideration of evidence on deduction claimed under...
![Non-Consideration of Evidence on Deduction Claim u/s 54B and Capital Gains Exemption on Sale of Agricultural Land: ITAT remands Matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Non-Consideration-Evidence-Deduction-Claim-Capital-Gains-Exemption-Sale-of-Agricultural-Land-ITAT-remands-Matter-AO-taxscan.jpg "Non-Consideration of Evidence on Deduction Claim u/s 54B and Capital Gains Exemption on Sale of Agricultural Land: ITAT remands Matter to AO [Read Order]")
Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held land in question cannot be treated as non-agricultural land and to be treated as agricultural land not liable for tax on capital...
![Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Receipts-Sale-land-agricultural-assessee-agricultural-operations-tax-Capital-Gains-ITAT-TAXSCAN.jpg "Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]")
Value Fixed by Stamp Valuation Authority to be taken as Full Value of Consideration Calculating Capital Gains: Delhi HC Condemns Act of PCIT in Rubber Stamping Attempt of AO to Reopen Assessment
The Delhi High Court condemned act of Principal Commissioner of Income Tax (PCIT) in rubber stamping attempt of the Assessing Officer (AO) to reopen assessment and observed that the value fixed by...
![No Omission or Non-disclosure on Part of Assessee: Bombay HC Quashes Re-Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-Omission-Non-disclosure-on-Part-of-Assessee-Bombay-HC-Quashes-Re-Assessment-Non-disclosure-Re-Assessment-Bombay-High-Court-taxscan.jpeg "No Omission or Non-disclosure on Part of Assessee: Bombay HC Quashes Re-Assessment [Read Order]")
Compensation Received For Compulsory Acquisition of Land Is not Taxable as Capital Gains: Gujarat HC [Read Order]
The High Court of Gujarat has held that compensation received for the compulsory acquisition of land is not taxable as capital gains. Anilaben Rohitbhai Modi, the petitioner is an individual and...
![Compensation Received For Compulsory Acquisition of Land Is not Taxable as Capital Gains: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Compensation-Received-Compulsory-Acquisition-Land-not-Taxable-Capital-Gains-Gujarat-HC.jpg "Compensation Received For Compulsory Acquisition of Land Is not Taxable as Capital Gains: Gujarat HC [Read Order]")
Compulsory Acquisition of Agricultural Land will not Attract Capital Gains which Chargeable to Tax: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that the compulsory acquisition of agricultural land will not attract the capital gains which was chargeable to tax calculation. ...
![Compulsory Acquisition of Agricultural Land will not Attract Capital Gains which Chargeable to Tax: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Compulsory-Acquisition-of-Agricultural-Land-Capital-Gains-which-Chargeable-to-Tax-ITAT-TAXSCAN.jpg "Compulsory Acquisition of Agricultural Land will not Attract Capital Gains which Chargeable to Tax: ITAT [Read Order]")