![Income Tax Exemption available for New House purchased in Foreign Countries: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/03/Income-Tax-Exemption-ITAT-Taxscan.jpg "Income Tax Exemption available for New House purchased in Foreign Countries: ITAT [Read Order]")
Income Tax Exemption available for New House purchased in Foreign Countries: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the income tax exemption under Section 54 of the Income Tax Act, 1961 is...
![No Tax Relief for Sale of Old House If New One purchased in Wife & Daughters’ Name: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/02/Capital-Gain-Taxscan.jpg "No Tax Relief for Sale of Old House If New One purchased in Wife & Daughters’ Name: ITAT [Read Order]")
![Date of Obtaining absolute Legal Ownership of the Asset not relevant for granting Deduction under Sec 54: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/06/Section-54-Deduction-Taxscan.jpg "Date of Obtaining absolute Legal Ownership of the Asset not relevant for granting Deduction under Sec 54: ITAT [Read Order]")
![S. 54 Benefit can’t be denied to a Joint Owner who made Investment for Purchase of Flat: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/08/ITAT-Taxscan.jpg "S. 54 Benefit can’t be denied to a Joint Owner who made Investment for Purchase of Flat: ITAT [Read Order]")
![Revised Return can be Filed after Receiving Income Tax Notice: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/06/Revised-Return-Taxscan.jpg "Revised Return can be Filed after Receiving Income Tax Notice: ITAT [Read Order]")
No Quantum of Construction on Land defined for Assessee to be Eligible for Exemption u/s 54: Rajasthan HC [Read Order]
In Pr. Commissioner of Income Tax vs. Prakash Chand Modi, the Rajasthan High Court held that Section 54 of the Income Tax Act, 1961 doesn’t define the quantum of Construction residential houses...
![No Quantum of Construction on Land defined for Assessee to be Eligible for Exemption u/s 54: Rajasthan HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/05/Construction-Taxscan-1.jpg "No Quantum of Construction on Land defined for Assessee to be Eligible for Exemption u/s 54: Rajasthan HC [Read Order]")
Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]
While hearing the case of Vineet Kumar Kapila, Delhi bench of Income Tax Appellate Tribunal, followed the circular issued by the Central Board of Direct Tax (CBDT), ruled that booking of flat with the...
![Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Flat-Taxscan.jpg "Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]")
Sec 54 Exemption is allowable even When Assessee Invested more than the Sale Proceeds of the Industrial Gala for purchase of Two Flats: ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal recently said that the exemption under Section 54 of the Income Tax Act is allowable even when assessee has invested more than the sale proceeds of...
![Sec 54 Exemption is allowable even When Assessee Invested more than the Sale Proceeds of the Industrial Gala for purchase of Two Flats: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Flats-Taxscan.jpg "Sec 54 Exemption is allowable even When Assessee Invested more than the Sale Proceeds of the Industrial Gala for purchase of Two Flats: ITAT [Read Order]")
Booking of an Under-Construction Flat is a Case of Construction and not Purchase: ITAT Grants Capital Gain Exemption [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that booking of an under-construction flat is a case of construction and not a purchase. The bench comprising of Judicial Member...
![Booking of an Under-Construction Flat is a Case of Construction and not Purchase: ITAT Grants Capital Gain Exemption [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/12/Under-Construction-Flats-Taxscan.jpg "Booking of an Under-Construction Flat is a Case of Construction and not Purchase: ITAT Grants Capital Gain Exemption [Read Order]")
Delay in Filing IT Returns cannot be a Ground for Denying Tax Benefits to Assessee: Mumbai ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai, in Amina Ismil Rangari v. ITO, held that tax reliefs under the Income Tax Act, 1961 cannot be denied to the assessee on ground of delay in filing...
![Delay in Filing IT Returns cannot be a Ground for Denying Tax Benefits to Assessee: Mumbai ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/04/Income-Tax-Return-Taxscan.jpg "Delay in Filing IT Returns cannot be a Ground for Denying Tax Benefits to Assessee: Mumbai ITAT [Read Order]")
Mere License to Enter into Property for Preparing Plan & to Carry on Necessary Formalities for Construction would not amount to Transfer of Possession: ITAT [Read Order]
In ITO v. Raj Kaiwar, a division bench of the ITAT Chennai held that mere license to enter into the property for preparing plan & to carry on necessary formalities for construction cannot be...
![Mere License to Enter into Property for Preparing Plan & to Carry on Necessary Formalities for Construction would not amount to Transfer of Possession: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "Mere License to Enter into Property for Preparing Plan & to Carry on Necessary Formalities for Construction would not amount to Transfer of Possession: ITAT [Read Order]")