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. ...
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The Blogs
Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?
Whether LTCG exemption can be withdrawn if the building is demolished within 3 years of its purchase?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” ...
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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 ...
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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 ...
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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 ...
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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. ...
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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, ...
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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 ...
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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, ...
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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 ...
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Capital Gain computation: Whether indexation benefit isavailable from the date of payment or from the date of purchase deed?
Capital Gain computation: Whether indexation benefit is available from the date of payment or from the date of purchase deed?
ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai)
[Appeal Number : I.T.A. No. 4715/Mum/2015]
ORDER
Aforesaid appeal by revenue for Assessment ...
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Interesting issues : Capital Gain exemption under section 54F is available on the basis of actual sale consideration or stamp duty valuation under section 50C
Interesting issues : Capital Gain exemption under section 54F is available on the basis of actual sale consideration or stamp duty valuation under section 50C
Short Overview:
Assessee was entitled for deduction under section 54F in respect of full value of ...
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Capital gain exemption is allowable even if the construction started prior to earning of Long Term Capital Gain (LTCG) — CA Naresh Jakhotia
Capital gain exemption is allowable even if the construction started prior to earning of Long Term Capital Gain (LTCG) -- CA Naresh Jakhotia
There are lot of controversy with respect to capital gain exemption. One of the controversy is related to ...
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No possession, No purchase deed: Still exemption against long term capital gain granted
No possession, No purchase deed: Still exemption against long term capital gain granted
Where assessee sold a residential property and invested sale consideration in new residential flat and made payment to developer within prescribed time, merely because assessee could not ...
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AO allows capital gain exemption on that part of construction expenditure which is incurred after the sale of original asset ignoring the amount of earlier structure purchased
AO allows capital gain exemption on that part of construction expenditure which is incurred after the sale of original asset ignoring the amount of earlier structure purchased
Overview:
Where assessee had sold a flat and before such sale, he purchased a ...
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Fair Market Value of capital asset u/s 50C as per ‘Guidance Value’ being determined without hearing the objections of assessee is not proper
Fair Market Value of capital asset u/s 50C as per ‘Guidance Value’ being determined without hearing the objections of assessee is not proper
Facts of the present case:
Assessee can object to presumptive value as per section 50C(1) and therefore, it ...
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Capital gain computation on sale of mortgaged property – whether amount paid towards debts repayment is deductible ?
Capital gain computation on sale of mortgaged property - whether amount paid towards debts repayment is deductible ?
Short Overview :
Where the mortgage is created by the owner after she has acquired the property, then clearing off of the mortgage ...
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No reassessment u/s 148 merely on information without verification
No reassessment u/s 148 merely on information without verification
Short Conclusion :
AO cannot reopen an assessment u/s 148 merely based on an information revealing that there is an escapement of income on account of LTCG without even verifying such information ...
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