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Assessee Not Required To Produce Documents When AO Accepted Co-Owner’s Indexed Renovation Expenses in Income Tax Assessment order: Gujarat HC [Read Order]

Yogitha S. Yogesh

The Gujarat High Court in a recent case has held that the assessee is not required to produce documents when the Assessing officer ( AO ) accepted...

ITAT Exempts Penny Stock Transactions u/s 10(38) Due to STT Compliance, Denies AO’s Bogus...

ITAT Rejects Allegation of Fabricated LTCG, Validates Sale Price of Unquoted Shares [Read Order]

Meeting requirements of section 148 of Income Tax Act eliminates need for Separate Notice u/s 143:...

Income Tax Dept fails to Contradict Taxpayer’s Evidence for LTCG from Share Sale: Rajasthan HC...

LTCG on Sale of Shares by Mauritius Company Not Liable to Be Taxed in India: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that Long-Term Capital Gain (LTCG) on sale of shares by Mauritius Company is not liable to be taxed in India. Superb Mind Holdings...

Budget 2024-25: FM proposes Revision to Income Tax Slabs in New Regime

The Union Finance Minister Nirmala Sitharaman has presented the Union Budget for the Financial Year 2024-25, outlining the fiscal roadmap and allocations for the ongoing financial year. This is...

ITAT allows Deduction u/s 54 of Income Tax Act for Investment made in New Residential Property [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the claim for tax deduction under Section 54 of the Income Tax Act, 1961, for an investment in a new residential property. The...

Failure to make Proper Enquiry on Bogus Claim of LTCG by Sale of Shares: Calcutta HC upholds Revision Order [Read Order]

In a recent case, the Calcutta High Court has upheld the revision order passed by the Principal Commissioner of Income Tax ( PCIT ) under Section 263 of the Income Tax Act, 1961. The Court found that...

Principal Commissioner of Income Tax - Assessing Officer - long-term capital gain - Calcutta High Court - taxscan

Taxpayer Filed Copy of Bills and Bank Transaction Evidences: ITAT allows 40 lakhs Addition while Calculating LTCG from Property Sale [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed Rs. 40 lakhs addition while calculating Long-Term Capital Gains ( LTCG ) from the sale of property as the taxpayer filed copies...

ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property Purchased in Name of Wife [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed deduction under Section 54 of the Income Tax Act with respect to the new residential house property purchased in the name of the...

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...

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