LTCG - As explained the reasons for not-depositing the amount in ...

Procedural lapse in Capital Gains Accounts Scheme not disputed; substantial compliance with Section 54(1) justifies benefit u/s 54.

August 17, 2020

Case Laws Income Tax AT

LTCG - As explained the reasons for not-depositing the amount in Capital Gains Accounts Scheme which is also not disputed. Since the assessee has substantially complied with section 54(1), therefore, a mere non-compliance of a procedural requirement under section 54(2) itself cannot stand in the way of the assessee in getting the benefit under section 54. - AT

View Source

← Previous Next →

LTCG - As explained the reasons for not-depositing the amount in ...

Procedural lapse in Capital Gains Accounts Scheme not disputed; substantial compliance with Section 54(1) justifies benefit u/s 54.

August 17, 2020

Case Laws Income Tax AT

You may also like:

Deduction claimed u/s. 54 - delay in depositing unutilized amount in capital gains account deposit scheme - Assessee has explained reasons for depositing unutilized...

LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain...

Capital Gains Accounts Scheme, 1988 as amended and Capital gain on transfer of residential property not to be charged in certain cases u/s 54GB

Deduction u/s 54F - Clubbing of exempt long term capital gain income of minor children - to find out whether there is any profit or gain chargeable to tax u/s 45(1), the...

Taxability of capital gain - person who sold property as attorney of the owner - It is the owner of capital asset who would be liable for capital gain. In case the sale...

Sale of investments - Short term capital gain V/S business income - The assessee has accounted for these investments in shares as capital asset in its books of accounts...

CENVAT Credit - duty paying documents - Receipt of inputs and used thereof also not in dispute, therefore merely for procedural lapse, substantial benefit of cenvat...

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

Capital Gain - Receipt of consolidated amount - where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain,...

Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account...

Correct head of income - the nature of gains from mutual fund redemptions - these gains were capital gains, not business income - no substantial question of law arises - HC

Deduction u/s 54 - Proportionate deduction - Denial of deduction as capital gains arising out of sale of original asset was not deposited in the Capital Gain Deposit...

Quick Updates: