Search Results for "Capital Gain"

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Search Results for "Capital Gain"

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Supreme Court

Supreme Court Allows Revenue's Appeal in Capital Gains Tax Case — Revaluation and Credit to Partners' Capital Accounts Constitutes Transfer Under Section 45(4) of Income Tax Act, 1961. The Court held that revaluation of assets and crediting the surplus to partners' capital accounts in a reconstituted firm amounts to distribution of capital assets, attracting capital gains tax under Section 45(4), and overruled the applicability of Hind Construction Ltd. to post-1988 amendments.

24 Nov 2022

The case involves appeals by the Revenue against the judgment of the Bombay High Court which dismissed the Revenue's appeals and confirmed the ITAT's ...

Supreme Court

Supreme Court Upholds High Court in Capital Gains Tax Case — Accrual Occurs on Date of Award, Not Notification. Transfer of Capital Asset Under Section 45 of Income-tax Act, 1961 Is Complete Only When Compensation Is Determined by Collector's Award, Even if Possession Taken Earlier.

25 Aug 2020

The case concerns the assessment year 1971-1972 for the assessee Amrik Singh HUF, whose land was acquired by the Haryana Government for a college play...

High Court

Bombay High Court Allows Appeal in Capital Gains Tax Case — Investment in Section 54 EC Bonds Covers Entire Sale Consideration Including Deemed Consideration Under Section 50C. The Court held that the exemption under Section 54 EC is available on the full value of consideration as deemed under Section 50C, provided the assessee invests the entire actual sale consideration in specified bonds.

12 Mar 2019

The case involves two appeals filed by individual assessees, Jagdish C. Dhabalia and Mehul Jagdish Dhabalia, against the common judgment of the Income...

High Court

Bombay High Court Allows Appeal in Income Tax Capital Gains Case — Section 54F Deduction Computation Clarified. Investment in new asset before due date of filing return qualifies for exemption even if return is filed late.

18 Aug 2016

The appellant, Humayun Suleman Merchant, sold a plot of land in Mumbai on 29th April 1995 for Rs.85,33,250/-, resulting in a long-term capital gain. T...

High Court

High Court Dismisses Revenue's Appeal in Carbon Credit Deduction Case — Income from Sale of Carbon Credits Held Not Derived from Eligible Business Under Section 80IA of Income Tax Act, 1961. The court upheld the Tribunal's decision quashing the revision order under Section 263, finding no substantial question of law.

29 Mar 2016

The appellant, Commissioner of Income Tax-III, Bangalore, filed an appeal under Section 260-A of the Income Tax Act, 1961, against the order of the In...

High Court

High Court of Karnataka Allows Appeal in Income Tax Case — Capital Gain Not Included in Book Profit Under Section 115JB. Income from capital gain on sale of land held as investment cannot be included in book profit for MAT purposes under Section 115JB of the Income Tax Act, 1961.

16 Dec 2015

The appeal was filed by Sri Hariram Hotels (P) Ltd. against the order of the Income Tax Appellate Tribunal (ITAT), Bangalore Bench, relating to the as...

High Court

Bombay High Court Dismisses Revenue's Appeal in Capital Gains Indexation Case — Indexed Cost of Acquisition for Gifted Asset to Be Computed with Reference to Year of Previous Owner's Acquisition. The court held that under Section 48 Explanation (iii) read with Section 49(1) of the Income Tax Act, 1961, the cost inflation index for the year in which the previous owner first held the asset applies, not the year of the assessee's acquisition.

11 Oct 2011

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) in favor of the assessee, ...

High Court

High Court of Bombay at Goa Allows Revenue Appeal in Capital Gains Tax Case — Incomplete Hotel Project Held as Short-Term Capital Asset. The court held that the period of holding of an incomplete building under construction cannot be added to the period of holding of the land for determining long-term capital gains under Section 2(42A) of the Income Tax Act, 1961.

29 Oct 2010

The Commissioner of Income Tax appealed against the order of the Income Tax Appellate Tribunal which had held that the profit from sale of an incomple...

High Court

Bombay High Court Dismisses Revenue's Appeal in Capital Gains Indexation Case. Assessee Allowed Indexation on Sale of Shares Other Than Bonus Shares Under Section 112(1) of Income Tax Act, 1961.

7 Apr 2010

The Revenue appealed against the order of the Income Tax Appellate Tribunal which allowed the assessee's claim of indexation on long term capital gain...

High Court

Bombay High Court Allows Deduction Under Section 54E for Deemed Short-Term Capital Gains Under Section 50 of Income Tax Act, 1961. The Court held that Section 54E does not restrict deduction only to long-term capital gains and the deeming provision under Section 50 does not alter the character of the asset as a capital asset.

7 Mar 2005

The Commissioner of Income Tax, Mumbai City-II, appealed against the order of the Income Tax Appellate Tribunal which allowed deduction under Section ...

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