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Income Tax Case Laws - Section: 54B

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Cases for Section: 54B
Showing 1 to 15 of 84 Records

2015 (12) TMI 133 - ITAT BANGALORE

Shri B. Veerappa (HUF) Versus Income-tax Officer, Ward 7 (2) , Bangalore.

Deductions claimed u/s 54B and 54F denied treating capital gain as short-term capital gain (STCG) - CIT(A) confirmed the action of the AO by treating the capital gain arising from the transfer of the property as STCG as well as the entire income was assessed in the hands of the assessee-HUF - Held that - The documents filed by the assessee, being additional evidence, are very much relevant and crucial for adjudicating the matter of assessment of .....

2015 (9) TMI 899 - ITAT DELHI

Shri Amit Gupta, C/o Heena Industries Pvt. Ltd. Versus ACIT, Circle-I, Faridabad And Vica-Versa

Reopening of assessment - assessee has not complied with the provisions of section 54B of the Act for claiming deduction - whether reasons to believe do not survive? - CIT(A) deleted the disallowance - Held that - When the assessee is showing income from business and profession in the return of income either negative or positive, then obviously, the assessee falls within the ambit of non-corporate tax payers which includes partners of the firm an.....

2015 (10) TMI 1459 - ITAT PANAJI

Asst. Commissioner of Income Tax Versus Anthony Jose Fernandes And Vica-Versa

Deduction u/s 54B - CIT(A) had accepted the Assessee s claim that the land sold was an agricultural land and had also allowed the Assessee s claim of deduction u/s 54B to the extent of ₹ 1 crore representing the amount paid by the Assessee to the seller of the agricultural land - Held that - A perusal of the land records, more specifically Form No. II, in Nagarcem Palolem shows that the land sold by the Assessee has been recorded in the Rev.....

2015 (11) TMI 1195 - ITAT JAIPUR

Shri Om Prakash Rajoria Versus The CIT, Ajmer

Revision u/s 263 - deduction u/s 54B claimed by assessee qua sale of Sohna land was wrongly allowed as one half of the new agriculture land was purchased in the name of the assessee s wife Smt. Anita Rajni - Held that - While examining the record under sec. 263, CIT has to see whether the subordinate authority has considered relevant issues and enquired into the relevant aspect of the claims in the year in question. Since the agricultural income .....


Commissioner of Income-tax, Faridabad Versus Shri Dinesh Verma

Entitlement to the claim exemption u/s 54B - the asset sold was not a long term capital asset but a short term capital asset that is not eligible for exemption under section 54B, 54D and 54F as is clear from CBDT Circular No.495 dated 22.09.1987 as per AO - ITAT allowed claim - Held that - All the ingredients of Section 54B exist in the present case. Firstly, the land sold by the assessee was a capital asset. Secondly, this capital asset was land.....

2015 (7) TMI 73 - ITAT AHMEDABAD

Shree Bhagwanbhai Revabhai Prajapati and others Versus The ACIT, Central Circle 1 (4) , Ahmedabad and others

Eligibility exemption u/s.54B with regard to the on money received on sale of agriculture land - undisclosed income of the block period - Held that - Assessee has received ₹ 1,90,88,759/- (including on money) (Assessing Officer has taken ₹ 95,25,836/- only on which the exemption u/s.54B was claimed) on account of sale consideration of of Gatrad land. The said sale consideration includes mount of sale consideration shown in sale deed a.....

2015 (7) TMI 200 - IITAT JAIPUR

Sita Ram Sharma and Others Versus Income Tax Officer, Ward-7 (2) , Jaipur.

Long term capital gain on sale of land - agricultural land in terms of section 2(14) - Held that - The land sold by all the brothers situated in village- Sanjhaia, Tehsil- Sanganer, district- Jaipur. In case of assessee s brother namely Shri Ram Sahay Sharma in A.Y. 2007-08 by the ITO ward 7(2), Jaipur order dated 25/03/2013 had not made any addition on account of long term capital gain. Further the ld CIT(A) as well as this Bench also allowed th.....

2015 (5) TMI 580 - ITAT DELHI

ITO Versus Kanwar Pal Rajput

Disallowance of deduction u/s 54B - non utilization of capital gain before the due date of furnishing of the return - investment in the agricultural land - CIT(A) deleted the disallowance - assessee sold urban agricultural land and claimed the deduction u/s 54B on account of investment made in agricultural land - Held that - The assessee can furnish the return of income at any time before the expiry of one year from the end of the relevant assess.....


Shri Koganti Venkata Ramaiah Versus ACIT, Circle 2 (1) Vijayawada

Commission/royalty estimated at 2 on accrued basis on the sub contracted work - revision u/s 263 by CIT(A) as AO without properly examining the material on record has estimated the profit at 2 on work given on sub contract basis as claimed by the assessee and has not examined the assessee s claim of exemption under section 54F for an amount of ₹ 11.00 lakhs against the capital gain arising out of sale of agricultural land - Held that - As f.....

2014 (12) TMI 301 - ITAT HYDERABAD

Income Tax Officer Versus Shri G. Raghavendra Rao, Hyderabad

Assessment of capital gain on sale of land at Maqta Mehaboobpet Held that - AO came to the conclusion that there is transfer of capital asset i.e. land admeasuring acre 1.235 guntas by assessee to MDPL by solely relying upon the agreement of sale-cum-GPA dated 31/07/08 - though assessee had entered into agreement of sale-cum-GPA but it never received the consideration of ₹ 7,14,37,500 as mentioned in the agreement of sale-cum-GPA - Nothing .....

2015 (2) TMI 572 - ITAT PANAJI

Income Tax Officer Versus Mr. Tome Hilitor Silvester De Oliveira

Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases - whether CIT(A) erred in allowing the deduction U/S 54B without considering the basic condition of the said section the assessee should have used the land for agricultural purpose for a period of two years? - Held that - We set aside the order of CIT(A) as, in our opinion, the provisions of Sec. 54B mandates that the land must have been in the two .....

2015 (3) TMI 186 - ITAT BANGALORE

Smt. Veena N Versus Income Tax Officer Bangalore

Exemption u/s 54B disallowed - Held that - The contention of the Assessing Officer is that the assessee failed to produce the evidence indicating the user of the land. On the other hand the assessee has submitted copy of the Revenue record maintained by the Revenue Officers of the State Govt. On due consideration of the remand report vis- -vis the evidence submitted by the assessee, we are of the view that the learned Assessing Officer failed to .....

2014 (7) TMI 1003 - DELHI HIGH COURT

Commissioner of Income Tax-IV Versus Hotz Industries Ltd.

Revision u/s 263 - Disallowance u/s 14A Held that - Without pronouncing whether the figures given by the assessee were incorrect, the Commissioner recorded that this required verification from the records - This is impermissible and cannot be allowed u/s 263 as the Commissioner must reach the finding that the assessment order restricting disallowance under Section 14A to ₹ 45,07,413/- was erroneous and incorrect order of the Tribunal upheld.....

2014 (5) TMI 1032 - ITAT CHANDIGARH

Shri Bant Singhv Versus The ITO, Ward-3(2), Ludhiana

Deduction u/s 54B - new land purchased by the assessee was in the name of Nirmal Singh that is the son of the assessee - Held that - assessee is basically an agriculturalist and is aged about 75 years. Further the land which was sold by the assessee was in the joint name of the assessee along with his son, which means the son was also part owner of the land - Even if we consider the decision of Jai Narayan v. ITO 2007 (8) TMI 295 - PUNJAB AND HAR.....


Deepakbhai Ramjibhai Patel Versus Income Tax Officer

Validity of notice u/s 148 of the Act - Mere change of opinion - Claim of exemption u/s 54B of the Act - Held that - In the return filed by the assessee, the main claim was for exemption u/s 54B of the Act on sale of land the proceeds of the sale of land was invested in purchase of another agricultural land - the details has been shown in the Statement of Total income attached with the Return of income filed - in the original assessment, the clai.....


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