Home Highlights January 2014 Year 2014 This

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1. 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

2. Deduction claimed u/s. 54 - LTCG - In the present case, the assessee has purchased property in the name of married daughter, although she was divorced, but she is an...

3. 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...

4. Exemption u/s 54F - he meaning of “net consideration” as regards Section 54F(1) is not governed by the meaning of “full value of consideration” as mentioned in Section 50C.

5. 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...

6. Long term capital loss on sale of shares - Just because of assessee sold shares to daughter and sister concern, it cannot be considered that the transactions are sham...

7. Exemption u/s.54B and 54F - new piece of land was purchased by the assessee in the names of his two sons - Once the assessee was not the owner of the property, there...

8. 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...

9. LTCG - Long term capital assets or short term - Period of holding of assets - Part of the property (i.e. 66.92 sq.mtr. outof 302.86 sq.mtr.) held with the assessee less...

10. Meaning of the term "Chief Commissioner" extended to include Director General of Income-tax and Principal Director General of Income-tax - Section 2(15A) of the...