Clipped from: https://www.financialexpress.com/money/harvest-tax-free-capital-gains-3718334/ Investors with a large portfolio of stock and equity mutual funds will have higher incremental gains. They must harvest the gains to ensure
Category: Income Tax
*******Section 54F Exemption denied for delay in Construction Beyond Statutory Timeline
Clipped from: https://taxguru.in/income-tax/section-54f-exemption-denied-delay-construction-statutory-timeline.html Smt. Lekha Reddy Mettu Vs ACIT (ITAT Hyderabad) In the case of Smt. Lekha Reddy Mettu vs. ACIT (ITAT Hyderabad), the Tribunal addressed appeals
*******No way to declare exempt gift in ITR – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/no-way-to-declare-exempt-gift-in-itr-3719690/ Under the Income Tax Act, gifts received from specified relatives—such as parents, siblings, or spouses—are fully exempt from tax, irrespective of their value.
*******Section 54F Exemption allowed on Land Purchased Beyond 2 Years for Residential House Construction
Clipped from: https://taxguru.in/income-tax/section-54f-exemption-allowed-land-purchased-2-years-residential-house-construction.html Viral Rajendra Patel Vs PCIT (ITAT Ahmedabad) Section 54F Exemption allowed even if land is purchased (for construction of a new residential house)
*******No tax liability on receiving money from NRI relative; your queries answered – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/no-tax-liability-on-receiving-money-from-nri-relative-your-queries-answered-3725364/ Gift remittances are allowed under FEMA, and there are no specific restrictions on transferring money from an NRI’s foreign bank account to an
*******Mumbai High Court Judgement–Section 87A–Courtesy Mr. Amey Sane
https://taxguru.in/income-tax/addition-ltcg-property-transfer-u-s-2-47-required-verification-buyer-possession-receipt-consideration.html Sane-Sec 87A – CTC – Bom HC – 24.01.2025
*******Reassessment on issues not considered in Original Assessment is valid: Bombay HC
Clipped from: https://taxguru.in/income-tax/reassessment-issues-considered-original-assessment-valid-bombay-hc.html Sanjay Ratra Vs ACIT (Bombay High Court) In Sanjay Ratra vs. ACIT, the Bombay High Court dismissed a petition challenging reassessment proceedings initiated under
*******Addition u/s. 68 towards bogus LTCG untenable due to lack of adequate evidence
Clipped from: https://taxguru.in/income-tax/addition-u-s-68-bogus-ltcg-untenable-due-lack-adequate-evidence.html Sheela Ashok Bafna Vs ITO (ITAT Mumbai) ITAT Mumbai held that disallowance of claim of exemption u/s. 10(38) on alleged bogus LTCG untenable
*******Addition u/s. 68 not sustained as initial onus of proving identity, creditworthiness and genuineness discharged
Clipped from: https://taxguru.in/income-tax/addition-u-s-68-sustained-initial-onus-proving-identity-creditworthiness-genuineness-discharged.html ACIT Vs Jay Bharat Mehta (ITAT Mumbai) ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee
*******Furnishing Reasons at Fag End & Hasty Reassessment Proceedings Unconstitutional: Bombay HC
Clipped from: https://taxguru.in/corporate-law/furnishing-reasons-fag-hasty-reassessment-proceedings-unconstitutional-bombay-hc.html Jayant Avinash Dave Vs ACIT (Bombay High Court) The Bombay High Court ruled in favor of petitioner Jayant Avinash Dave, quashing the reopening
*******Section 54F Exemption Allowed Despite Wife’s Name on Property Title; ITAT Deletes Addition of ₹168.55 crore unexplained cash credit
Clipped from: https://taxguru.in/income-tax/section-54f-exemption-allowed-wifes-property-title-itat-deletes-addition-rs-168-55-crore-unexplained-cash-credit.html ACIT Vs Jay Bharat Mehta (ITAT Mumbai) Section 54F Exemption Allowed Despite Wife’s Name on Property Title In this case, the Assessee claimed
*******ITAT Sets Aside NFAC Order for Non-Consideration of Material, Directs De Novo Adjudication
Clipped from: https://taxguru.in/income-tax/itat-sets-nfac-order-non-consideration-material-directs-de-novo-adjudication.html Mahadevan Vs ITO (ITAT Chennai) The case of Mahadevan Vs ITO (ITAT Chennai) pertains to an appeal against an order by the Commissioner of Income
आवश्यक*******Addition due to assessee’s failure to provide documents: ITAT Remands case
Clipped from: https://taxguru.in/income-tax/addition-due-assessees-failure-provide-documents-itat-remands-case.html Germinda Pvt. Ltd. Vs ITO (ITAT Kolkata) The case of Germinda Pvt. Ltd. Vs ITO pertains to the assessment year 2012-13, challenging the addition of
*******ITAT Remands Appeal to CIT(A) for Fresh Adjudication Due to Failure to Address Merits
Clipped from: https://taxguru.in/income-tax/itat-remands-appeal-cit-appeal-fresh-adjudication-due-failure-address-merits.html Selvalakshmi Feeds & Farms Vs ITO (ITAT Chennai) The case of Selvalakshmi Feeds & Farms Vs ITO involved an appeal against the ex parte order
*******No proper opportunity before AO: ITAT remanded back the matter
Clipped from: https://taxguru.in/income-tax/proper-opportunity-ao-itat-remanded-matter.html Virtiben Preyashkumar Shah Vs ITO (ITAT Ahmedabad) Assessment was completed at income of Rs.1,23,18,612/- against the returned income of Rs.3,76,740/- on account of
आवश्यक*******No addition for LTCG as property transfer u/s 2(47) required verification of buyer possession and receipt of consideration
Clipped from: https://taxguru.in/income-tax/addition-ltcg-property-transfer-u-s-2-47-required-verification-buyer-possession-receipt-consideration.html Sachin Ramesh Pawar Vs ITO (ITAT Pune) Conclusion: Since assessee’s claims regarding possession and consideration were supported by documents that were not presented before
आवश्यक*******Assessment Ignoring Indexed Cost of Acquisition Set Aside: Karnataka HC
Clipped from: https://taxguru.in/income-tax/assessment-ignoring-indexed-cost-acquisition-set-aside-karnataka-hc.html Devanur Thimmasetty Srinivasa Vs ITO (Karnataka High Court) Assessment order taking entirety of the sale consideration without taking note of the indexed cost
आवश्यक*******No addition for LTCG as property transfer u/s 2(47) required verification of buyer possession and receipt of consideration
Clipped from: https://taxguru.in/income-tax/addition-ltcg-property-transfer-u-s-2-47-required-verification-buyer-possession-receipt-consideration.html Sachin Ramesh Pawar Vs ITO (ITAT Pune) Conclusion: Since assessee’s claims regarding possession and consideration were supported by documents that were not presented before
*******ITAT Restores Ex Parte Assessment Order U/s.144 Due to Assessee’s Old Age
Clipped from: https://taxguru.in/income-tax/itat-restores-parte-assessment-order-section-144-due-assessees-age.html Vinod Kumar Garg Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi addressed the appeal filed by Vinod Kumar Garg concerning the
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