Ignorance of law is certainly no excuse but, at the same time, there is no presumption in law that everybody knows the law.
There are various cases wherein the non compliance is due to ignorance of the law by the ...
Read More
The Blogs
Capital loss – Expenditure claimed on abandoned project
Capital loss - Expenditure claimed on abandoned project
Author
CA. AJAY KUMAR AGRAWAL
ITAT CHENNAI :- THE ACIT, CORPORATE CIRCLE – 5 (2) , CHENNAI - 34.
VERSUS
M/S. RUDRADEV AVIATION PVT. LTD. AND (VICE-VERSA)- No.- ITA No.:2100/CHNY/2017 And
C.O. No.: 152/CHNY/2017 (in I.T.A. No. ...
Read More
Everything about Annual Information Statement (AIS)
Everything about Annual Information Statement (AIS)
The Income Tax Department has been releasing various materials for update and awareness of the knowledge of the taxapyes. One such publication is “Handbook on Annual Information Statement (AIS)”
Annual Information Statement (AIS) is a ...
Read More
Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?
Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?
Query]
I have sold my “A” capital assets in December 2018 and claimed an exemption u/s 54 by investing it another house property “C” ...
Read More
Computation of profit on sale of capital assets is different in case of Trust: CA Naresh Jakhotia
There is a special provision to levy the tax arising on sale of capital assets in case of all the taxpayers. In such cases, gain is required to be computed in the prescribed mode under the heading “Income From ...
Read More
No Extension of Time to 30th June for Claiming Capital Gain Exemption u/s 54EC if it is earned after 20th September : CA Naresh Jakhotia
No extension of time to 30th June for claiming Capital gain exemption u/s 54EC if it is earned after 20th September : CA Naresh Jakhotia
Finally, amendment for extension of date has been given legal backing. The best part is, all changes ...
Read More
Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed
Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed
Here ...
Read More
Interest on Housing Loan: Possibility of double deduction cannot be overruled
Interest on Housing Loan: Possibility of double deduction cannot be overruled
CA Naresh Jakhotia
There are often various issues & decisions which makes Income Tax Act an interesting subject to read and analyze.
Let me try to elaborate few such issues in ...
Read More
Sum received from display of advertisement on assessee’s undergoing real estate project is a business income or house property income?
Income Tax Act, 1961, Section 14
Heads of income---Income from house property or Income from other sources---Sum received from display of advertisement on assessee’s undergoing real estate project
Conclusion: Rental income received for display of commercial advertisement on assessee’s undergoing real estate ...
Read More
Capital gains exempt under section 54EC need not be reckoned for purpose of computing book profit u/s 115JB
Income Tax Act, 1961, Sections 115JA & 54EC
MAT---Book profit under section 115JA---Capital gains exempted under section 54EC being reckoned for purpose of computing book profit
Conclusion: Capital gains, exempt under section 54EC, could not be reckoned for purpose of computing book ...
Read More
Payment of enhanced value of assets revalued by firm whether constitute capital asset and transfer of such asset whether capital gains chargeable under section 45(4) r/w s. 2(14) on retirement of some of partners?
Income Tax Act, 1961, Section 45(4)
Income Tax Act, 1961, Section 2(14)
Capital gains---Capital asset---Payment of enhanced value of assets revalued by firm whether constitute capital asset and transfer of such asset whether capital gains chargeable under section 45(4) r/w s. ...
Read More
Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets
Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets
BHAWNA SHARMA vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)
ITAT, DELHI TRIBUNAL (A)
BHAVNESH SAINI, ...
Read More
Profits realized on sale of agricultural land is exempt if there is no evidence on record to show that it is a business transaction
Income Tax Act, 1961, Section 54B
Capital gains---Deduction under section 54B---Profits realized on sale of agricultural land
Conclusion: Since AO had not conducted any specific enquiry to negate the assertions made by assessee that the land was used for agricultural purposes and ...
Read More
Interesting Judgment: Whether extinguishing of right to carry out a speciality business is taxable as Capital Gain Income ?
Extinguishing of right to carry out a speciality business
Facts of the case:
Assessee-company divested its shareholding in Max Atotech Limited to M/s. Atotech BV, Netherlands for Rs. 13.58 crores. Along with the signing of the agreement for sale of shares, ...
Read More
Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of tax
Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of tax
Conditions laid down under Section 40(a) (ia ) requires addition to the income if
- tax is deductible at source and
- such tax ...
Read More
Exemption from Capital Gain: Section 54 is a beneficial provision and is to be construed keeping in view the intention of the Legislature to give relief
Exemption from Capital Gain: Section 54 is a beneficial provision and is to be construed keeping in view the intention of the Legislature to give relief
Sec. 54 is a beneficial provision and is to be construed keeping in view ...
Read More
Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23
Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23
M/S. Ideal Hitech Engineering ... vs Ito, New Delhi on 13 August, 2019
IN THE INCOME TAX APPELLATE ...
Read More
All about deduction towards Mediclaim payment u/s 80D
All about deduction towards Medi-claim payment u/s 80D
There are options beyond section 80D which the taxpayers dont realises. One such option is in the form of section 80D which offer deduction towards mediclaim payment.
The deduction is over and above ...
Read More