LTCG - Deduction u/s. 54 - scope of amendment - "one" versus "a" ...

Court Re-examines Section 54 of Income Tax Act for Multi-Unit Capital Gains Investment in 2015-16 Assessment Year.

July 30, 2022

Case Laws Income Tax AT

LTCG - Deduction u/s. 54 - scope of amendment - "one" versus "a" - investment of capital gain into more than one residential units - Commissioner though referred the latest provisions of section 54 of the Act, however without giving any definite finding qua applicability of the latest provisions of section 54 as applicable to the case in hand, decided the appeal of the Assessee, while referring some decisions which admittedly pertains to period prior to amended provisions of section 54 of the Act, as applicable to AY 2015-16 involved in this case. - Matter restored back - AT

View Source

← Previous Next →

LTCG - Deduction u/s. 54 - scope of amendment - "one" versus "a" ...

Court Re-examines Section 54 of Income Tax Act for Multi-Unit Capital Gains Investment in 2015-16 Assessment Year.

July 30, 2022

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal addressed the issue of Long Term Capital Gains arising from a joint development agreement. The question was whether the capital gain tax should be...

Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

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...

Validity of reopening an assessment u/s 147 of the Income Tax Act, the distinction between "change of opinion" and "reasons to believe," and the classification of income...

The case involved determining whether gains from the sale of shares allotted in an IPO should be classified as Short-Term Capital Gains (STCG) or business income. The...

Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

Capital investment - petitioner's unit entitled to get capital investment incentive/subsidy as Category (III) Mega Industrial Unit i.e. loss making, existing and...

Revision u/s 263 - There was an error in the assessment order passed by the A.O. in not bringing to tax the interest income in the year under consideration under the...

The Appellate Tribunal considered whether the sale proceeds of residential units should be treated as capital gains or business receipts. It was found that the...

Insertion of new section 54EE- Capital gain not to be charged on investment in units of a specified fund. - to provide exemption from capital gains tax if the capital...

Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

No capital gain tax if investment is made in manufacturing SMEs

Computing the capital gain on sale of assets - WDV of depreciable assets - Exemption u/s 11 - the assessee has partly claimed the depreciation on this asset and when the...

Characterisation of receipt - Forfeiture of advance received - till the assessment year 2015- 16, the amount of forfeiture is not liable to be taxed but will go only in...

Income derived from the sale of equity shares - business income or Long Term Capital Gain - the said equity shares not only for one year but for more than 16 years and...

Quick Updates: