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Long Term Capital Gain

Independent Building to be considered One Residential House: ITAT allows Deduction on Account of Long-Term Capital Gain [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench allowed the deduction on account of long-term Capital Gain. The assessee, Halesh...

ITAT deletes disallowance made by Assessing Officer against Coffeeday [Read Order]

ITAT allows Deduction u/s 54F as assessee didn’t own more than one Residential House [Read Order]

Kolkata Penny Stock Scam: ITAT upholds Addition against Investor [Read Order]

Circular on Monetary Limits for Filing Appeals not applicable in case of claiming Bogus LTCG / STCG...

Section 50C can be invoked in the Year in which Sale taken Place: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi has held that the provisions of section 50C of the Income Tax Act, 1961 can be invoked in the year in which the sale had taken place. The Assessing...

Non-Competent Fee received from sale of Business Asset taxable as Long Term Capital Gain: Bombay HC [Read Judgment]

A two-judge bench of the Bombay High Court has held that the non-competent fee received by the assessee from the sale of the business assets was not assessable as profits of business under Section...

Money Laundering can’t be alleged by Mere Producing of Evidence of Share Transactions: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the allegation of money laundering cannot be proved by merely producing the evidence of purchase and sale of shares....

Capital Gain from Depreciable Assets is LTCG for claiming Exemption u/s 54: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) in Income Tax Officer versus Smt. Jaya Deepak Bhavnani upheld that capital gain arising from depreciable assets is long term capital gain for...

Transaction can’t be treated as Bogus merely based on report of Investigation Wing: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that a transaction cannot be treated as bogus only on the basis of the report of Investigation Wing. In the instant case, the...

Income from Sale of Plots under a Business Project is Business Income: ITAT [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) has held that the selling of plots which is part of a business project can be termed as “adventure in the nature of trade” and the income...

No Tax Exemption if Agricultural Land was declared as Industrial Plot during Registration of Sale Deed: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi bench has held that income tax is payable on the sale of agricultural land if the same was declared as the industrial plot by the competent...

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