S.54 exemption at risk in multiple floors scenario
In a limited scrutiny case of section 54 exemption inspection of newly acquired property was initiated by the AO. Upon…
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Today's
In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's House purchase exemption ......Read More
Yesterday's House purchase exemption ......Read More
Date of acquisition
The date of acquisition of the property is to be reckoned from the date of the allotment so stated by…
......Read MoreUnregistered purchase/sale of land is a valid transaction for income tax
In the matter of grant of capital gains exemption u/54B with respect to back to back sale with purchase of…
......Read MoreLiability cannot be created retrospectively-Non compete fee
Non compete fee is made taxable as trading receipt vide Finance Act 2003. The AO however imposed tax on such…
......Read MoreDate of acquisition of property
Neither did the possession not do the sale deed/registration is key to the acquisition of property. According to Bangalore bench…
......Read MoreCosts incurred after the date of purchase when qualifying for exemption
The AO in the reassessment proceedings in [2019] 14 ITR (Trib)-OL 672 (ITAT[Jai]) while evaluating a transaction for capital gains…
......Read MoreEssentials to tax JDA
Vide [2017] 398 ITR 531 (SC) the Apex Court held that the object of section 2(47)(vi) is to bring within…
......Read MoreUnutilised amount under capital gains account scheme
Vide (2020] 15 ITR-OL 198 (Kar) if only a part of the amount deposited in the Capital Gains Account Scheme…
......Read MoreSplitting of consideration between Land & Building
The Calcutta Bench of the ITAT in 79ITD192 ( 1992) held that the land is an independent and identifiable capital…
......Read MoreAmendment restricting exemption
In the decision reported in (2020], 16 ITR-OL 25 (Kar) question arose whether exemption u/s 54F would be available for…
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