Home Highlights January 2019 Year 2019 This

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1. Denial of exemption u/s 54F - interpreting the meaning of the word residential house used in Section 54F(1) - assessee even otherwise is entitled to the benefit of...

2. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

3. Deduction u/s 54F - there is nothing to bar benefits of exemption u/s 54F in respect of the capital gains relatable to the FVC as per the deemed fiction u/s 50C. - ...

4. Exemption u/sec. 54F - net consideration computation to be invested or value fixed u/s 50C as stamp valuation - Under provisions of Sec. 54F of the Act, net...

5. Deduction u/s 54F - LTCG - quantum of investment to be made in the New House Property - Actual consideration or Value or transferred property determined as per Section...

6. Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

7. LTCG - Exemption u/s 54F - eligibility criteria - determination of net consideration - The net consideration as determined under section 50C based on the stamp duty...

8. Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable...

9. Exemption u/s 54F - merging of 4 flats originally planed into one unit - exemption allowed - AT

10. Addition on account of non-genuine creditors u/s 41(1) - scope of section 41(1) - the benefit which he obtains by way of remission or cessation of a trading liability in...

11. Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

12. The tribunal held that for quantification of deduction u/s 54F of the Income Tax Act, the actual sale consideration received or accruing from transfer of the original...

13. Corpus donations, being distinct from incomes derived from trust property, are granted exemption separately u/s 11(1)(a) and 11(1)(d) of the Act. There is no overlapping...

14. Exemption u/s. 54F - LTCG on sale of jewellery - assessee has invested the full consideration of sale of jewellery in the purchase of the plot of land - The AO is...

15. Denial of deduction u/s 54F - net consideration has not been utilized for the purposes of deposit in the notified bank account in terms of Section 54F(4) of the Act...