Home Highlights December 2013 Year 2013 This

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1. The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

2. Deduction u/s. 54B - agricultural land which is purchased prior to the sale of agricultural land - the assessee is not entitled to claim deduction u/s. 54B of the Act...

3. Deduction u/s 54B - assessee purchased agricultural land from the sale proceeds - the impugned land on which Ghas / Grass is shown as per revenue record was in the...

4. Deduction u/s 54B - capital gain on sale of one agricultural land - investment made in two agricultural land - deduction is not allowable in respect of two separate...

5. Deduction u/s 54B - LTCG - Agriculture land purchased in the name Individual on behalf of HUF - Sale of agriculture land owned by HUF - In substance, the HUF is owner of...

6. Exemption u/s 54B - LTCG was invested in the purchase of another agricultural land in the name of his wife - The term “assessee” is qualified by the expression...

7. Deduction u/s 54B - Benefit of exemption denined on the ground that, the land was sold by the assessee to a developer and ultimately the land would be used for...

8. Deduction u/s 54B - reinvestment of the sale proceeds of the agricultural land - The fact that the agricultural lands were situated within the 8 kilometres from the...

9. Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on...

10. Deduction u/s 54B - denial - sale of agricultural land standing in assesee's name - purchases of land in name of son and daughter-in-law - disallowed the exemption u/s 54B - HC

11. The Appellate Tribunal addressed the issue of whether land sold should be treated as agricultural for Long Term Capital Gains (LTCG) purposes. The Department did not...

12. At the relevant point of sale of the land in question, the surrounding area was totally undeveloped and except mere future possibility to put the land into use for...

13. The ITAT Indore ruled on LTCG deduction u/s 54B for agricultural lands bought in the wife and family's names, but funded entirely by the assessee. Citing SHRI LAXMI...

14. Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

15. Nature of land sold - the decision to treat the transferred property as agricultural land is against law and facts, especially since the assessee has not established...