LTCG - deduction u/s 54F - as pursuant to the JDA, assessee had ...

Tribunal Upholds LTCG Deduction for Multiple Units Received via JDA Before Amendment, Dismissing Revenue's Appeal.

May 15, 2024

Case Laws Income Tax AT

LTCG - deduction u/s 54F - as pursuant to the JDA, assessee had received multiple residential units and not a single residential unit - The Tribunal observed that prior to the amendment to section 54F of the Act, various judicial pronouncements had interpreted the term "a residential house" to include multiple residential units. Citing legal principles, the Tribunal highlighted that decisions interpreting statutory provisions form binding precedents. It reiterated that the interpretation of "a residential house" as including multiple units, upheld by various High Courts, including the Karnataka High Court, was binding. - the Tribunal concluded that the assessee is entitled to the benefit of section 54F of the Act for all the units received under the JDA, as the relevant assessment year predates the amendment. Therefore, the appeal filed by the Revenue was dismissed.

View Source

← Previous Next →

LTCG - deduction u/s 54F - as pursuant to the JDA, assessee had ...

Tribunal Upholds LTCG Deduction for Multiple Units Received via JDA Before Amendment, Dismissing Revenue's Appeal.

May 15, 2024

Case Laws Income Tax AT

You may also like:

Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head...

Deduction u/s 80IC - @ 25 % OR 100% - Claim during the 7th year - even when an old unit completes substantial expansion, such a unit also becomes entitled to avail the...

The assessee, a pharmaceutical company, claimed deduction u/s 80-IE for its units located in Sikkim. The Assessing Officer (AO) allocated the Research and Development...

Cenvat Credit - Retrospective amendment in Rule 16 is aimed at facilitating ‘wire drawing units’ - The sum paid by the wire drawing unit in such cases will be treated as...

Deduction u/s 10 B - The AO argued that the units were formed by the transfer of previously used machinery, disqualifying them from certain deductions. - The tribunal,...

Bogus LTCG - exemption u/s 10(38) denied - The AO contended that the LTCG was undisclosed income arising from alleged manipulation in penny stocks. However, the assessee...

The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] order allowing deduction u/s 54EC for investments made in Rural...

Claim of deduction u/s 54/54F - claim for two units - two residential units constructed by the Developer for the Assessee is “a” (one) residential house only - Board...

Exemption u/s 54F - Denial of exemption as appellant received multiple number of flats - Amendment to section 54 & 54F, restricting the claim of deduction to one...

The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

Revision u/s 263 by CIT - The subject matter of the deduction in the reassessment order was the quantum of deduction but not the eligibility of the deduction and even in...

Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

Imported material diverted to unit other than permitted unit, resulting in contravention of import-export policy provisions. Goods held liable for confiscation u/s 111...

Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

Quick Updates: