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Income Tax - Highlights / Catch Notes

Home Highlights December 2023 Year 2023 This

LTCG - Deduction towards the ‘Cost of Improvement’ - The ...

Income Tax

December 29, 2023

LTCG - Deduction towards the ‘Cost of Improvement’ - The authorities have blown hot & cold in disallowing the expenditure. The selective reading of the sale agreement and lack of mentioning of pump and modular kitchen cannot necessarily lead to disallowance. AO could not bring anything on record that the statement given by the valuer is wrong on facts or had inconsistencies. Hence, we allow the appeal of the assessee on this ground. - AT

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  1. Addition on unaccounted cash balance - the Department cannot blow hot and cold and take a divergent decision qua addition in wealth-tax and income-tax proceedings - AT

  2. Improvement in the quality of imported plywood by dipping the imported plywood into a boiling hot chemical solution not to be held as manufacturing activity - AT

  3. When secured creditors like the respondent are driven from pillar to post to recover what is legitimately due to them, in attempting to avail of more than one remedy at...

  4. Capital gain computation - allowability of deduction u/s 48 towards cost of improvement with respect to amount paid by the assessee towards his share towards conversion...

  5. Disallowance of Development/improvement expenses - payment to related parties - Considering the fact that neither the assessee could substantiate with documentary...

  6. Undisclosed commission income - To be taxed as accommodation entry or only commission income on such transactions - The assessee cannot blow hot and cold at the same...

  7. Clandestine removal - proper investigations not carried out - The adjudicating authority has blown hot and cold on the various issues raised in the Show Cause Notice....

  8. Benefit of section 54 - Expenditure incurred on improvement/ renovation of the new residential house for the purpose of deduction under section 54 allowed - AT

  9. ST – repair & maintenance Service – sales tax / VAT paid on material – deduction allowed

  10. Addition towards LTCG on sale of house property - co-ownership - he entire capital gains cannot be taxed in the hands of assessee - AT

 

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