Home Highlights November 2013 Year 2013 This

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1. LTCG - Deduction u/s 54F - Assessee has failed to deposit the unutilized amount in the Capital Gain Account out of the total investible/exempted amount - Assessee has...

2. Claim of exemption u/s 54F – amount advanced to his wife towards purchase of the property - assessee has 50% ownership over the property - exemption allowed - AT

3. Claim of deduction u/s 54F - one cheque returned by the builder due to technical reasons - The assessee cannot get the exemption towards unutilized amount as the said...

4. Exemption u/s 54F - disallowance being long term capital gain on sale of plot - LTCG - section 54F nowhere envisages that the sale consideration obtained by assessee...

5. Exemption u/s 54F - merging of 4 flats originally planed into one unit - exemption allowed - AT

6. Deduction u/s 54F - LTCG - quantum of investment to be made in the New House Property - Actual consideration or Value or transferred property determined as per Section...

7. Disallowance of deduction u/s 54F - assessee has converted his capital asset into stockin- trade and accrued capital gains which he invested in construction of...

8. Exemption u/s 54EC - Assessee has not been able to raise any material contention to dispute this position. He has only submitted that the assessee wanted to invest the...

9. LTCG - eligibility or claim of exemption of u/s. 54F - As per AO new asset cannot be considered as acquired within 02 years of transfer of original asset - Since the...

10. LTCG - Claim of deduction u/s. 54F - Even before us at this stage, the assessee has not produced any evidence to prove that she had invested in another residential house...

11. 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...

12. Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then...

13. Additions towards Undisclosed profit made on the basis of the seized documents - ITAT deleted the additions - Now, look at the reasons given by the tribunal. It cast a...

14. Exemption u/s 54F - LTCG - completion of construction or just investment - Nowhere does the provision lay down a stipulation of completion of construction as a condition...

15. Refund of amount of mandatory pre-deposit - adjustment/set off the amount of refund against the arrears towards assessee - There exist no other provision in the Act...