Deduction u/s 54B - capital gain from sale of agriculture land - ...

Section 54B Deduction: Taxpayer's Claim Must Be Assessed Independently, Not Affected by Relative's Actions in Capital Gains Case.

August 27, 2013

Case Laws Income Tax AT

Deduction u/s 54B - capital gain from sale of agriculture land - Merely because the assessee's brother has not made any claim u/s 54B that cannot be a reason for disallowing the claim of the assessee. - AT

View Source

← Previous Next →

Deduction u/s 54B - capital gain from sale of agriculture land - ...

Section 54B Deduction: Taxpayer's Claim Must Be Assessed Independently, Not Affected by Relative's Actions in Capital Gains Case.

August 27, 2013

Case Laws Income Tax AT

You may also like:

Penalty u/s 271(1)(c) - assessee had sold a plot of land in respect of which deduction u/s 54B claimed - withdrawal of deduction u/s 54B - merely because the assessee...

Revision u/s 263 by CIT - justification for claim of deduction u/s. 54B - Section 54B of the Act is not applicable, if the land was not used for agricultural purposes in...

Exemption u/s. 54B denied - Assessee did not file return of income - As observed on the amendment in section 139(1) of sixth Proviso, section 54, section 54B or section...

Disallowance of deduction u/s 54B - assessee did not file return under Section 139(1) of the Act and he has not deposited the sale proceeds in the capital account - The...

Denial of deduction claimed under Chapter VI-A i.e. Section 80G/ 80GGA read with Section 35AC - The Appellate Tribunal noted that the appellant had not claimed the...

The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

Deduction u/s 80IB - whether freight charges recovered from the customers are eligible for deduction under section 80IB ? - since the department has allowed the claim of...

Disallowance of claim u/s 80IA - return of income was not filled as per provisions of section 139(1) - Since the assessee has made substantial compliance to claim the...

ITAT upheld taxpayer's claim for exemption under section 54B regarding capital gains from sale of agricultural land. Evidence showed consistent agricultural income in...

Exemption from long term capital gain u/s 54B and 54F - where an appellant satisfies the first condition prescribed under section 54B(1) and at the same time, neither...

ITAT adjudicated a tax dispute involving long-term capital gains (LTCG) and cost of acquisition determination. The tribunal directed the Assessing Officer (AO) to adopt...

The case pertains to the scope of limited scrutiny by the assessing officer regarding computation of capital gains u/s 45 and providing exemption u/s 54B of the Income...

Validity of the order passed u/s 147 - insufficient reason to believe - There is no basis mentioned in the reasons for the belief of the Assessing Officer that the...

The HC quashed the reassessment notice issued under section 148, finding it impermissible as a mere change of opinion rather than based on new information. The...

Quick Updates: