Home Highlights December 2019 Year 2019 This

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1. LTCG - withdrawal of exemption u/s 54B - sale of new land within lock in period - In the case on hand, we are concerned with the capital gains with respect to the first...

2. Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on...

3. Deduction u/s 54B - LTCG - Agriculture land purchased in the name Individual on behalf of HUF - Sale of agriculture land owned by HUF - In substance, the HUF is owner of...

4. Exemption u/s 54B - Since the land sold has been proven to be used for agriculture purpose in the preceding two years and the land purchased by the assessee has been...

5. Deduction u/s 54B - capital gain on sale of one agricultural land - investment made in two agricultural land - deduction is not allowable in respect of two separate...

6. Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land....

7. Exemption claimed u/s 54B - Capital Gain on sale of agriculture land - AO has not made any investigation on the assertion of assessee. AO presumed that growing of grass...

8. Disallowance u/s 54B - LTCG - Proof of agriculture activity on land transferred - the assessee had cultivated the agriculture crops during the period of 2 years...

9. Exemption u/s 54B - agriculture land - assessee has failed to substantiate her claim with regard to the nature of land and its user in the immediately preceding two...

10. Deduction u/s 54B - denial - sale of agricultural land standing in assesee's name - purchases of land in name of son and daughter-in-law - disallowed the exemption u/s 54B - HC

11. Capital Gain on the acquisition of Land - Claim of exemption u/s 10(37) - The SDM report categorically mentioned that no compensation for standing crops was given to the...

12. Capital gains - nature of land sold - land converted into a barren land to establish an industrial estate - land sold by the assessee through sale deed in favour of...

13. Deduction u/s 54B - part of land was not cultivable- Sec.54B does not specify that the entire land should be used for cultivation, if any part of the land is under...

14. Exemption u/s 54B - LTCG was invested in the purchase of another agricultural land in the name of his wife - The term “assessee” is qualified by the expression...

15. LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...