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Gift of Property Share from Husband to Wife Eligible for Capital Gain Exemption, But Clubbing and Capital Gains Rules Apply: Rules ITAT [Read Order]

Sneha Sukumaran Mullakkal

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that gift of property share from husband to wife is eligible for capital gain...

Capital Gains Tax: Recent Judicial Trends and Their Implications

ITAT Upholds S.54F Deduction as Capital Gain Compliance Met on Time, Dismisses Revenue’s Appeal...

Annual Digest 2024 - Supreme Court - High Court - High Court Cases - High Court Cases on Taxation [Part 38] - taxscan

Annual Digest 2024: Supreme Court and High Court Cases on Taxation [Part 38]

‘Makaan in registered deed was not a residential house’: Delhi HC upholds ITAT's Interpretation of...

ITAT directs AO to recompute Penalty on Incorrect Income Tax Deduction u/s 54EC [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed the assessing officer to re-compute the quantum of penalty on incorrect income tax deduction under...

Deduction u/s 54F of Income Tax Act Allowable On Construction Of The New Dwelling/Residential Unit: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that deduction under section 54F of Income Tax Act, 1961 is allowable on construction of the new dwelling/residential unit. ...

Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wife's name out of Bank Loan [Read Order]

In the recent case, the Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Income-tax Assessing Officer ( AO ) to allow the claim of the assessee under Section 54F of the Income...

Issuance of Notice in Name of Dead Person is not Valid: ITAT directs AO to quash Assessment Order u/s 143 (3) of Income Tax Act [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer ( AO ) to quash the assessment order issued under Section 143(3) of the Income Tax Act, 1961 stating that the issuance of...

AO denies to grant Section 54F Deduction to LTCG from Sale of Inherited Jewellery: ITAT allows Deduction [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has allowed the deduction after the Assessing Officer denied granting Section 54F of the Income Tax Act, 1961, deduction for...

ITAT allows Deduction on Investment made for Mosque constructed used for Religious purposes in Residential Property u/s 54F of Income Tax Act [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has permitted a deduction for the investment made in the construction of a mosque utilized for religious purposes within a...

ITAT Annual Digest 2023 [Part 8]

This yearly digest analyzes all the ITAT stories published in the year 2023 at Taxscan.in Pramod Murlidhar Unde Vs. Asstt. C.I.T. Circle 13, Pune 2023 TAXSCAN (ITAT) 456 The Pune Income Tax...