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The Income Tax Appellate Tribunal (ITAT), Agra Bench permits the deduction held that the change in limiting the Section 54 deduction to only one residential house can be considered. The taxpayer, Mr. Dinesh Chandra Dutta Bhargava on April 21, 2014, sold a residential house in Agra for Rs.1,20,00,000/- owning the value for the intention of […]
It has been recently held by The Income Tax Appellate Tribunal (ITAT), Hyderabad bench that the expenditure that has been incurred by the assessee to repair his house to make it habitable ought to be deducted from the sum of capital gain under section 54 of the Income-tax Act, 1961. Latest Update in Income Tax […]
Beneath section 54F of the Income Tax Act the Income Tax Appellate Tribunal (ITAT), Jaipur permits for deduction in respect of residential house property purchases in the name of wife. The taxpayer Dharamvir Singh has the income generated from the house property, capital gain, and interest. He furnishes the return of income showing the total […]
Under section 54F of the Income Tax Act, 1961 the Income Tax Appellate Tribunal (ITAT) Bangalore in its proceeding said towards the assessing officer to permit the exclusion to the taxpayer upon the invested amount towards buying the house in the name of the daughter. Under Section 54F of the Income Tax Act, the person […]
In an order released lately, the Income Tax Appellate Tribunal (ITAT) rejected the depreciation claim on Non-Competition Fee. The said claim was filed by the assessee, Fortis Hospitals Ltd., on a recent acquisition of the Wockhardt Group of hospitals under an agreement that included payment of a non-competent fee of Rs. 15.50 crores. The fee […]
As section 194C is a very important section, which is largely involved in business scenarios. If a person who is working in the accounting section in any company then he must have the deep knowledge about the provisions of Section 194C.
The applicant has sent refund requests under section 54 of the Gujarat GST Act, 2017, for several tax periods from August 2018 to January 2019. These refund requests were made within the allowed time limit set by section 54, which was extended by notifications related to the COVID-19 pandemic. Adjudicating authority rejected the refund applications […]
The Bombay High Court ruled that the authority must pay ₹71.31 lakh as interest on the refund of illegally collected IGST (Integrated Goods and Services Tax) under the Reverse Charge Mechanism (RCM) on ocean freight. Justices M.S. Sonak and Advait M. Sethna considered that the applicant had submitted IGST, which the respondents used up to […]
The Central Board of Indirect Taxes and Customs (CBIC) has outlined comprehensive guidelines for the provisional approval of GST refund requests through Instruction No. 06/2025-GST, issued on October 3, 2025. This process is guided by a system-driven identification mechanism and a rigorous risk assessment framework. The same complies with the decision of the 56th GST […]
