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The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) permitted the claim of Long Term Capital Gains (LTCG) exemption u/s 54 of the Income Tax Act,1961 on the sale of an old flat, as the possession of the new flat was received within the specified period. The taxpayer, Payal Kishore Kulchandani, submitted her return reporting […]
The Ahmedabad ITAT has sent back a case involving a ₹60.51 lakh addition for Long-Term Capital Gains (LTCG), noting that the land was transferred via a development agreement without sale consideration. For the Assessment Year 2018-19, Nikanth (Narol) Co-op. Shops & Off Society Ltd. (the assessee) faced reassessment. The Assessing Officer (AO) treated the entire […]
The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) asks for re-adjudication concerning Long Term Capital Gain of sold property which was cancelled by the civil court. A petition was filed by the taxpayer Mangalagiri Tulasi before the tribunal against the order passed under section 250 of the Income Tax Act, 1961 for the […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) clarified that failing to deposit long-term capital gains (LTCG) into a capital gain account scheme does not warrant disallowance of deduction under Section 54 of the Income Tax Act. Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) took a meticulous approach in addressing the matter. […]
Without owning flats for at least three years the long-term capital gain could not be claimed, the Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. PCIT is been justified in invoking the provisions of Section 263 of the IT (Income Tax) Act. as the taxpayer without holding the 7 flats for three years from […]
The Income Tax Appellate Tribunal (ITAT) Delhi ruled that long-term capital gains tax The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled that the previous water and electricity bills can not be provided as proof of construction. read more will be not imposed on the Indirect transfer of Indian assets. It came up in a […]
An income tax assessment order has been quashed by the High Court of Karnataka, holding that the department’s failure to send notices to the applicant’s updated email address denied a fair hearing. Suresh Kumar Paruchuri, taxpayer, was a registered taxpayer with Permanent Account Number (PAN) No. ACSPP1326Q had regularly submitted his ITRs. In the pertinent […]
Income Tax Appellate Tribunal (ITAT), Mumbai, in a decision, has ruled that a new flat value received in a redevelopment project could not be levied to tax as Income from Other Sources’ u/s 56(2)(x) of the Income Tax Act. Increasing project redevelopment has been seen in Mumbai. Over 31,000 redevelopment projects had been approved as […]
