The assessee having parked its funds in FDRs with banks, of sale ...

Income Tax

December 14, 2013

The assessee having parked its funds in FDRs with banks, of sale proceeds of the old assets and utilized housing loan for the purchase of new asset, does not disentitle the assessee from the benefit of exemption u/s 54 - AT

View Source

← Previous Next →

The assessee having parked its funds in FDRs with banks, of sale ...

Income Tax

December 14, 2013

You may also like:

Assessment of trust - cancelling registration of the Appellant u/s 12AA - Admittedly, Appellant-Trust has deposited the sale proceeds in fixed deposit with the Bank for...

Deduction/Exemption u/s 54 - nexus between sale consideration received on sale of old asset and source of investment in new house - amount contributed by the Appellant’s...

Addition on account of capital introduction by the partners of the assessee-firm - The source of funds utilized for giving such gifts was explained as the sale proceeds...

Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

Deduction u/s 80P - CIT(A) has allocated the whole of the interest expenditure over the interest on FDRs and to the extent of interest attributable to FDRs placed with...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Addition u/s 69A being cash deposit in the Bank A/c during the demonetization period - cash deposit out of the sale proceeds effected prior to the ban of currency notes...

Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

LTCG - eligibility or claim of exemption of u/s. 54F - As per AO new asset cannot be considered as acquired within 02 years of transfer of original asset - Since the...

Bogus sale proceeds as undisclosed income - addition u/s 68 - all these transactions were through banking channels only and in that process assessee has suffered loss. -...

Exemption u/s 11 - If the corpus has been received by the assessee for a designated purpose, the same should have utilized for that purpose only and if depreciation is...

Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

Addition u/s 68 - Bogus LTCG on the sale of equity shares - The sale proceeds of such shares was credited to the bank account of the assessee. A copy of bank account...

Eligibility to exemption u/s.54F - Although the failure of the assessee to deposit the sale proceeds in a Capital Gains Account Scheme, 1988 for intervening period was...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Quick Updates: