Revision u/s 263 - Assessee is entitled for deduction u/s 54 ...

Section 263 Revision: Deduction u/s 54 Allowed, But Section 54EC Denied Due to Missed Investment Deadline.

September 16, 2020

Case Laws Income Tax AT

Revision u/s 263 - Assessee is entitled for deduction u/s 54 since there is transfer of residential house property as observed hereinabove and for this part of the appeal, the assessee succeeds. Regarding the deduction claimed u/s 54EC assessee has not made the investment within stipulated time and this fact was also not examined by the AO - Revision order sustained on this issue. - AT

View Source

← Previous Next →

Revision u/s 263 - Assessee is entitled for deduction u/s 54 ...

Section 263 Revision: Deduction u/s 54 Allowed, But Section 54EC Denied Due to Missed Investment Deadline.

September 16, 2020

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal considered a case involving a revision u/s 263, where the Commissioner contended that the Assessing Officer did not adequately inquire into Long...

The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

The assessee was allowed deduction u/s 54/54F without proper examination of relevant details and materials. The Assessing Officer (AO) framed the assessment u/s 143(3)...

LTCG - Deduction u/s 54 - investment was made in the name of her spouse and not in the name of the Assessee - Section 54F/54 of the Act are the beneficial provisions...

Revision u/s 263 - deduction u/s 54 - capital gains/ loss - During the assessment proceedings as well as revision proceeding the assessee had submitted the documentary...

Revision u/s 263 - claim of exemption u/s 54 - the purchases of land do not entitle the assessee for the exemption u/s 54 - Therefore, we fail to understand when the...

Validity of Revision u/s 263 - Admisibility of Deduction u/s 80P, Deduction from total income under chapter VI-A and business expenses - The ITAT quashed the order...

Revision u/s 263 - interpretation of ‘a residential house’ u/s 54 - AO with due application of mind, after making requisite inquiries, accepted assessee’s claim u/s 54...

Deduction claimed u/s 54 - There being no pre–condition u/s 54(1) providing for investment of the long term capital gain in purchase of new house for claiming deduction...

Revision u/s 263 - Deduction u/s 80P on interest received from Cooperative Bank - After considering the submissions and the relevant statutory provisions and precedents,...

Deduction u/s 54, 54F & 54EC - capital gains arising out of a single transaction of sale of immovable property - there is no such bar that both the deductions, u/s 54...

LTCG - Deduction u/s 54 - Profit on sale of property used for residence - assessee was already in the possession of the residential house at the time of purchase of the...

Revision u/s 263 - Invocation of revision proceedings for the second time - As pertinent to point out that there was no bar on limitation by the ld. PCIT to invoke...

Deduction u/s 54 - investment in two residential property situated at different location - the same Assessee should be held entitled to the benefit of deduction u/s 54 - AT

Clam of deduction u/s 54F - assessee made the investment within the due date prescribed under section 139(4) and it was held that section 54 or section 54F for that...

Quick Updates: