Lok Sabha passes Finance Bill (No. 2), 2024
The Lok Sabha passed the Finance (No.2) Bill, 2024, with amendments on Wednesday. Among the changes, taxpayers can now calculate liability on the...
![Exemption u/s 54F of Income Tax Act not allowable for 500 sqm Shed on Agricultural Land: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/site-img-6-1.jpg "Exemption u/s 54F of Income Tax Act not allowable for 500 sqm Shed on Agricultural Land: ITAT [Read Order]")
![Passing Intimation u/s 143 without Reasonable Opportunity to Taxpayer Deemed Unlawful: ITAT against AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Passing-Intimation-Reasonable-Opportunity-Taxpayer-itat-taxscan.jpg "Passing Intimation u/s 143 without Reasonable Opportunity to Taxpayer Deemed Unlawful: ITAT against AO [Read Order]")
Sale and Purchase of Immovable Property not disclosed in Original Return: ITAT upholds Reassessment Proceedings [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while upholding the reassessment proceedings, held that the sale and purchase of immovable property by the assessee were not disclosed in the...
![Sale and Purchase of Immovable Property not disclosed in Original Return: ITAT upholds Reassessment Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Sale-and-Purchase-Immovable-Property-Original-Return-ITAT-Reassessment-Proceedings-TAXSCAN.jpg "Sale and Purchase of Immovable Property not disclosed in Original Return: ITAT upholds Reassessment Proceedings [Read Order]")
Exemption u/s 10(38) of Income Tax Act shall be denied when Assessee enters into Sham Transaction with Paper Companies: ITAT upholds Order of CIT(A) [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that the exemption under Section 10(38) of the Income Tax Act, 1961 shall be denied when the assessee enters into a sham transaction...
![Exemption u/s 10(38) of Income Tax Act shall be denied when Assessee enters into Sham Transaction with Paper Companies: ITAT upholds Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Exemption-Income-Tax-Act-Assessee-Transaction-Paper-Companies-ITAT-taxscan.jpg "Exemption u/s 10(38) of Income Tax Act shall be denied when Assessee enters into Sham Transaction with Paper Companies: ITAT upholds Order of CIT(A) [Read Order]")
Allegation of Price Manipulation on Purchase and Sale of Shares on Stock Exchange through SEBI: ITAT deletes Addition u/s 68 and Disallowance of Exemption of LCG [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition under Section 68 of the Income Tax Act 1961, and disallowance of Long-term Capital Gains (LCG) the allegation of...
![Allegation of Price Manipulation on Purchase and Sale of Shares on Stock Exchange through SEBI: ITAT deletes Addition u/s 68 and Disallowance of Exemption of LCG [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Allegation-of-Price-Manipulation-on-Purchase-and-Sale-of-Shares-on-Stock-Exchange-through-SEBI-ITAT-Disallowance-of-Exemption-of-LCG-TAXSCAN.jpg "Allegation of Price Manipulation on Purchase and Sale of Shares on Stock Exchange through SEBI: ITAT deletes Addition u/s 68 and Disallowance of Exemption of LCG [Read Order]")
Commissioner can exercise Revisional Jurisdiction u/s 263 when Assessment Order was Erroneous and Prejudicial to Interest of Revenue: SC
The Supreme Court of India has held that commissioner can exercise revisional jurisdiction under Section 263 of the Income Tax Act, 1961 when the assessment order was erroneous and prejudicial to the...
Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name: ITAT [Read Order]
Delhi Bench of Income Tax Appellate Tribunal (ITAT) allowed the capital gain exemption under section 54B of Income Tax Act, 1961. The tribunal stated that such deduction shall not be denied merely...
![Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Capital-Gain-Exemption-u-s-54B-Agricultural-Land-Purchased-in-Wifes-Name-ITAT-Taxscan.jpg "Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name: ITAT [Read Order]")
Builder’s Fault might cost you Additional Capital Gains Tax Liability u/s 54 IT Act: Here’s What You Need to Know
Section 54 of the Income Tax Act allows for an exemption on long-term capital gains tax for individuals and HUF (Hindu Undivided Family) if the proceeds from the sale of a long-term capital asset,...
