Taxability of LTCG - assessment in the hand of assessee or his ...

Case Laws Income Tax

July 26, 2023

Taxability of LTCG - assessment in the hand of assessee or his wife - double taxation - The issue has to be dealt only by the tax authorities and the credit in the hands of the assessee’s wife has to be refunded are adjusted against the demand raised in the hands of the assessee. The method by which it has to be carried out left to the tax authorities without there being any burden on the assessee. Since the assessee has paid the due tax on this transaction. The legislature intention is not to tax twice on the same transaction. - AT

View Source

← Previous Next →

Taxability of LTCG - assessment in the hand of assessee or his ...

Case Laws Income Tax

July 26, 2023

You may also like:

Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of...

Section 90 of the Income Tax Act allows relief from double taxation by granting foreign tax credits (FTCs) on foreign income taxed in both India and the other country....

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

The ITAT Kolkata held that the addition on a protective basis made by the Assessing Officer in the hands of the assessee, concerning a loan received from a director and...

Taxation in the hands of the member of the AOP - amount paid by the BCCI to the appellant which has already been taxed at the hands of BCCI, cannot be now taxed in the...

The assessee was a member of syndicates (association of persons or body of individuals) and had received share of profits from them. The tax authorities sought to tax...

Double taxation of income in the hands of BCCI and Assessee, as the member of AOP - it will be open to the AO of the appellant to reopen the case of the appellant and to...

The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

Addition on account of long term capital gain - AO has not brought on record any material which establish non-genuineness of the members of the society - all the members...

Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of fiscal evasion with foreign countries -...

Clubbing of income u/s 64 - Additions of Sale proceeds of the land belonging to the assessee’s wife claimed to be credited to the assessee’s bank account - Wife has no...

Income accrued in India - Capital gain - the new double taxation avoidance agreement has come into force much letter then the transaction took the place. In the new...

Clubbing of income of wife u/s 64 - It Tribunal held that since the income of the Assessee's wife had been accepted in her hands by the Department in scrutiny...

Just because an assessee does not claim double taxation relief in respect of an income, it does not entitle the assessee to exclude that income from taxable income....

Transfer of land - ownership - Joint development agreement - Already offered for tax in the hands of HUF - it is not proper to tax the same in the hands of the assessee...

Quick Updates: