Sale of Plot after dividing it in Parts– Taxable as Capital Gain & Not as Business Income
Sale of Plot after dividing it in Parts– Taxable as Capital Gain & Not as Business Income Recently, ITAT Delhi in Asstt. CIT Vs. Himanshu Garg, ITA No. 819/Del/2020 has held that the land doesn’t become business assets or stock in trade simply because the piece of land has been bifurcated into five different parts to make it saleable after a… […]
New Floor, New Rules? How Home Extensions Fit Into Capital Gains Exemptions
New Floor, New Rules? How Home Extensions Fit Into Capital Gains Exemptions Query 1] I have read in your earlier issue of The Tax Talk that the tax on LTCG from sale of equity shares can be saved U/s 54F by investing the sale proceeds for purchase of another house property. Please guide whether… […]
Extension of house is also eligible for capital gain exemption.
Extension of house is also eligible for capital gain exemption. Recently ITAT Chennai in the case of Chandra Bhavani Sankar Vs. ITO, ITA No. 101/Chny/2024, has concluded that extension of house is also eligible for capital gain exemption. In this case, it was held that the assessee having constructed the first floor on the existing ground… […]
ITAT quashed Assessment – Illegal assumption of jurisdiction as satisfaction note recorded in a mechanical manner, without due application of mind
ITAT quashed Assessment – Illegal assumption of jurisdiction as satisfaction note recorded in a mechanical manner, without due application of mind Hon’ble Delhi Tribunal in the case of Rajiv Agarwal v. ACIT, Central Circle Delhi-20, dated 04.12.2024, The Hon’ble Tribunal quashed the proceedings under Section 153C of the Income Tax Act, 1961, on account… […]
Legality of the Notice in the name of dead person
Legality of the Notice in the name of dead person In a recent judgment dated 28.11.2024 in the case of Ghanyashyam Anil Dhanani v. ITO [2024] 169 taxmann.com 327 (SC), the Apex Court permitted the legal heirs of assessee to take contention with regard to initial notice being issued in name of a dead person-original assessee… […]
Bangalore Tribunal Recalls Order in Buckeye Trust Case: A Fresh Hearing Scheduled
Bangalore Tribunal Recalls Order in Buckeye Trust Case: A Fresh Hearing Scheduled In a surprising turn, the Bangalore ITAT has recalled its recent earlier order in the Buckeye Trust case in its entirety. The matter will now be heard afresh on February 19, 2025, giving stakeholders a renewed opportunity to present their arguments. The… […]
Sale of lease hold rights: Landmark 280 page order by Gujarat HC
Sale of lease hold rights: Landmark 280 page order by Gujarat HC Here are the are key points summarized hereunder of the 280 page order by the Gujarat HC wherein it has been held that Sale of lease hold rights is not liable for GST. 1. Key Issue: Whether the assignment of leasehold rights… […]
Even administrative orders for transfers of jurisdiction must respect the principles of fairness, particularly in cross-jurisdictional transfers.
Even administrative orders for transfers of jurisdiction must respect the principles of fairness, particularly in cross-jurisdictional transfers. Provisions of Section 127 of the Income Tax Act – 1961 can be summarized as under: 1. Power to Transfer Cases (Subsection 1): • Allows transfer of cases between AOs subordinate to the same authority. • Preconditions: •… […]
Reasonable Opportunity of Being Heard is a condition precedent before transfer of case from one AO to other U/s 127
Reasonable Opportunity of Being Heard is a condition precedent before transfer of case from one AO to other U/s 127 The Himachal Pradesh High Court in M/s Deluxe Enterprises vs. Income Tax Officer and Others (ITA No. 23 of 2017 along with CWP No. 6575 of 2014) ruled on the jurisdiction and procedural requirements under… […]
Delay in registration of property cannot not be a ground to deny exemption U/S 54 and 54F:
Delay in registration of property cannot not be a ground to deny exemption U/S 54 and 54F: Case: 1. Assessee sold vacant land in October/November 2016 purchased a house property, and paid the entire sale consideration on 14-11-2016. 2. The possession of the property was also given to the assessee on the same day itself…. […]
