Assessee was granted deduction u/s 54F as evidence of ...

Taxpayer gets tax relief for building house, buying farm & loan from brother accepted.

December 23, 2024

Case Laws Income Tax AT

Assessee was granted deduction u/s 54F as evidence of construction of residential house worth Rs. 1.25 crore on ancestral land using funds from sale of agricultural land was accepted by ITAT. Benefit u/s 54B for purchase of agricultural land worth Rs. 3.08 crore was also allowed as sale deeds were furnished. Addition of Rs. 40 lakh as unexplained cash credit on account of loan from brother was deleted as affidavit, cash flow statement and sale agreement substantiated the transaction.

View Source

← Previous Next →

Assessee was granted deduction u/s 54F as evidence of ...

Taxpayer gets tax relief for building house, buying farm & loan from brother accepted.

December 23, 2024

Case Laws Income Tax AT

You may also like:

New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers

Deduction u/s 54 - investment in two different houses - The Hon’ble Court’s opinion is that, the physical structure of a new residential house whether it is literal or...

LTCG - Benefit of exemption u/s 54F - Purchase of second residential house - assessee already owns one residential house in USA - Contention of the Ld. AR that the...

Disallowance of depreciation on guest house - assessee has claimed depreciation @ 10% on guest house, which is applicable to factory and office buildings - assessee had...

Tax authority rejected rectification application filed by taxpayer for zero-rated supply citing violation of principles of natural justice. Court examined impugned...

Refund claim of input service tax credit - input service or not - Erection, Commissioning & Installation Services - Construction or execution of works contract of a...

Refund of the service tax - construction of individual/independent residential houses - the definition of a “residential complex” leaves no manner of doubt that it would...

Deduction of interest from House property Income - nature of loan - The bank did not disburse any fresh loan to the assessee but the outstanding amount out of the loan...

Income Tax: Tax on distributed income of domestic company for buy-back of shares to be treated as dividend in hands of shareholders. Cost of acquisition of shares bought...

Companies – Rate of Income Tax / Corporate Tax & surcharge shall be the same as for FY 2022-23. Amendment has been with regard to marginal relief, where such marginal...

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...

Refund of service tax - amount have been deposited by mistake - Form 26AS, VAT-41, copies of challans and copies of running bills prepared by the Housing Board showing...

Deduction u/s. 54F - claim in respect of the additional floors added to the new house - it is not the case of the department that the claim of the assessee is for an...

Exemption from payment of sales tax - poultry farm on leased land - exemption was rejected on the ground that the assessee was not the owner of the land where the farm...

Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

Quick Updates: