Home Highlights May 2014 Year 2014 This

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1. Once the assessee has discharged the initial onus to prove that the deduction is allowable, the onus to prove that the deduction is not admissible, shifts to the tax...

2. 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...

3. Deduction u/s. 80IA(4)(v) - Claim denied as assessee did not make any claim of deduction in the original return of income and made this claim only in the revised return...

4. Disallowance of exemption claimed u/s 54F - nature of the property as residential in nature - It does not make difference whether the property has been shown as...

5. Deduction claimed u/s 54F OR 54 - Investment of LTCG - Owning more than one house property - CIT(A) deleted the addition considering the same u/s 54 - Assessee revised...

6. LTCG - Rejection of deduction claimed u/s 54F - Deduction u/s 54F of the Act only induces an assessee to make investment in residential house property. If the assessee...

7. Deduction u/s 54F - LTCG - Out of these 24 flats, 15 flats are already sold in the present year and remaining 9 flats are likely to be sold within the period of three...

8. Deduction u/s 80IA - Onus is on the assessee to prove strictly that assessee fulfills all the parameters laid down by the statute for claiming the deduction. In the...

9. Deduction u/s. 54F - flats to be received in pursuant to JD Agreement - There is no dispute with regard to the fact that, the assessee has claimed deduction u/s. 54F of...

10. Penalty u/s 271(1)(c) - not entitled for the deduction U/s 54 - claim deduction allowed U/s 54F - once, the assessee has explained the reasons for making a wrong claim...

11. Revision u/s 263 - AO has not conducted necessary inquiry before allowing deduction u/s. 54F, but simply allowed the claim made by the assessee. Section 54F of the Act...

12. Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F...

13. Deduction claimed u/s 54F - assessee failed to claim the deduction as cost on improvement rather it was claimed as deduction u/s 54F of the Act at the time of filing of...

14. Eligibility of deduction u/s 54 and 54F - in return deduction claimed u/s 54F - in assessment proceedings revised his claim u/s 54 - AO is duty bound to allow deduction...

15. Addition u/s 68 - unsecured loans - addition only on the basis of the information received from the Investigation Wing ignoring - the investing company has sufficient...