Tax Management India .com TMI - Tax Management India. Com   

Income Tax Case Laws - Section: 54EC,

Home Case Index Income Tax Sections List
Cases for Section: 54EC,
Showing 1 to 15 of 121 Records

2016 (1) TMI 221 - ITAT CHENNAI

M/s. Treadsdirect Limited Versus The Joint Commissioner of Income Tax, Range-I, Coimbatore And Vica-Versa

Disallowance recoverable written off in the Profit and Loss Account - Held that - The assessee has been following the system of Accounting methodology which is accepted. Bad Debts occurred in the normal course of business and write off can be made after considering the recovery of Debtors becoming doubtful and the assessee has not squared off the debtors account. Under amended provisions of section 36(i)(vii) of the act effective from 1st April, .....

2015 (12) TMI 1512 - GUJARAT HIGH COURT

Nitish Ishvarlal Champaneria Versus Income Tax Officer

Reopening of assessment - assessee sold his immovable property and had earned long term capital gain claiming deduction under section 54-EC on investment in Rural Electrification Corporation - Held that - The reasons recorded by the assessing officer do not even suggest that the income chargeable to tax had escaped assessment due to failure on the part of the assessee to disclose truly and fully all material facts. The revenue has not, even if po.....

2015 (12) TMI 1502 - ITAT MUMBAI

Income Tax Officer -17 (2) (4) , Mumbai Versus Hasmukh J Shah and Mrs. Saryubala H Shah and Vica-Versa

Validity of reopening of the case u/s 147 - AO treating the amount received on sale of shares which was claimed as Long-term-capital-gain, as income from other sources along with the commission paid for obtaining the alleged fictitious LTCG 0.15 - Held that - From the analysis of the reasons recorded, it is evident that there is no specific information that the shares of N.E. Electronics Company purchased through M/s Goldstar Finvest Pvt Ltd. In .....

2015 (11) TMI 1367 - ITAT MUMBAI

Asst. CIT, Room No. 447, Mumbai Versus Pramod H. Lele

Taxability of the gain on the transfer of sweat equity shares allotted to the assessee - Revenue seeks to bring the entire gain to tax as short-term capital gain, the assessee concedes it to be income by way of capital gains, albeit long term in nature and, accordingly, exempt u/s.10(38) of the Act. The Revenue s alternate claims are of the income being assessable as speculation income u/s. 43(5) or even as income from other sources u/s. 56 - Hel.....

2016 (1) TMI 897 - ITAT MUMBAI

Mr. Nitul B Shah Versus ITO, Ward-19 (1) (1) , Mumbai

Denial of claim of deduction u/s 54EC - short term capital gain or long term - inclusion of period of holding of the previous owner - inherited property - Held that - It has been clarified by way of explanation, the expression previous owner of the property in relation to any capital asset owned by the assessee means the last previous owner of the capital asset, who acquired it by a mode of acquisition other than that referred to in clause (i) or.....

2015 (11) TMI 491 - ITAT MUMBAI

Income Tax Officer, Ward–20 (2) (1) , Mumbai Versus Legal Heir of Shri Durgaprasad Agnihotri

Claim of the assessee made under section 54EC denied - short term capital gain u/s 50 of the Act on depreciable assets of shops - Held that - The capital asset sold by the assessee during the year is a shop, comprising of land (or rights therein) as well as building or the super-structure thereon, which are separate and distinct assets under the Act (refer CIT v. Alps Theatre 1967 (3) TMI 6 - SUPREME Court and CIT v. Citi Bank N.A. 2003 (4) TMI 9.....

2015 (9) TMI 1058 - BOMBAY HIGH COURT

Commissioner of Income Tax-18 Versus Shri Vinayak Digamber Kharote

Admission of additional evidence - non disclosure of sale of the joint family property in the return of income - whether the Tribunal was justified in making an allowance for any fresh claim of deduction without the claim being made in the return of income or without filing a revised return of income? - Held that - Failure to disclose the fact of receipt of capital gains on sale of joint family property in the return of income, was deliberate and.....

2015 (9) TMI 393 - BOMBAY HIGH COURT

Assistant Commissioner of Income Tax Versus Shri Kamlakar Moghe

Deduction u/s. 48(1) - ITAT allowed deduction - Held that - As after expiry of Shri P.M. Moghe on 20.03.1996, the assessee and his three daughters were faced in a peculiar position. They resolved the situation and a family settlement was reduced into writing. It was agreed that at the time of sale, each sister shall be given ₹ 15 lakh and each niece shall be given Rs. Five lakh. Accordingly, when the property was sold on 07.07.2006, this fa.....

2015 (10) TMI 78 - ITAT HYDERABAD

Mannur Meghana Reddy Versus Dy. Director of Income-tax, (International Taxation) , Hyd.

Disallowance of deduction on account of cost of acquisition and cost of improvement while computing long term capital gain (LTCG) - exemption u/s 54EC - assessee is a non-resident individual - Held that - As can be seen from the terms of the deed of settlement, the property given by father of assessee to her was out of natural love and affection and without any monetary consideration. That being the case, it cannot be said that it is not a gift s.....

2015 (12) TMI 618 - ITAT MUMBAI

Neela S. Karyakarte Versus ITO-23 (3) (1) , Mumbai

Eligibility for exemption u/s 54EC - whether the investment was made by the assessee within the six months from the transfer of the original asset as prescribed u/s 54EC - Held that - The assessee had filed an application with National Housing Bank on 23.12.2004 and submitted along with this application Cheque No.669766 drawn on bank of India, Mulund Branch Mumbai, dated 23.12.2004. This fact has not been disputed by the Ld. DR appearing on behal.....

2015 (12) TMI 609 - ITAT AHMEDABAD

ACIT, Vapi Circle, Vapi Versus Mehul Prakash Shah, Innova Industries

Disallowance of deduction u/s 54EC - as per certificate issued by Rural Electrification Corporation Limited (RECL) the deposit was beyond the prescribed period - CIT(A) deleted the addition as the deposit was made by the assessee within the prescribed time and delay was on account of issue of bond by the RECL - Held that - We entirely agree with the order of the CIT(A). Admittedly, the assessee deposited the money in time with the REC Ltd. Howeve.....

2015 (7) TMI 645 - ITAT BANGALORE

The Income Tax Officer, Ward 3 (4) , Bangalore. Versus Shri T.N.N. Shetty (HUF)

Eligibility for exemption u/s. 54EC - CIT(A) allowed claim - according to AO the sale proceeds of the capital asset were not invested in REC/NHB Bonds and what was invested was only loan taken from the partnership firm, M/s. Tallam Textiles, the claim of exemption u/s. 54EC was not to be allowed - Held that - The evidence filed by the assessee before the CIT(A), in our view, clearly demonstrates that there was no loan taken by the assessee from M.....

2015 (9) TMI 1226 - ITAT MUMBAI

ACIT, Mumbai Versus JNR Securities Broking Ltd.

Disallowance of exemption u/s.54EC - further investment in REC bonds of ₹ 50 lakhs made in the next financial year - CIT(A) deleting disallowance - Held that - The issue is squarely covered by the decision of Hon ble Madras High Court in the case of Jaichander, 2014 (11) TMI 54 - MADRAS HIGH COURT wherein held from a reading of Section 54EC(1) and the first proviso, it is clear that the time limit for investment is six months from the date .....

2015 (11) TMI 983 - ITAT CHENNAI


Transfer of property - AO treating the capital gain as short-term capital gain - Held that - We are conscious that the partnership firm under the common law is not a legal entity. However, under the Income-tax Act, it is a separate and distinctly assessable unit. This distinction has to be borne in mind and the partnership firm carried on its business through its partners. Therefore, for all practical purposes, under the provisions of the Income-.....

2015 (10) TMI 1435 - ITAT PANAJI

ITO, Ward-2, Goa And Others Versus Mr Filipe Neri Piedade Correia And Others

Determination of Fair Market Value - determination of claim of deduction u/s 54EC - Held that - As neither the basis on which the AO has made the valuation nor the valuation report of the Assessee is before us, we are unable to ascertain all the facts in the present case. In these circumstances, in the interest of justice we are of the view that the issue of Fair Market Value of the said two properties as on 1.4.1981 is liable to be restored to t.....


what is new what is new





More Options


|| About us || Contact us || Feed Back || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map || ||

© [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Website