News

IMFA faces a Rs 38.98 lakh Income Tax penalty over capital gains from an FY23 property sale and is considering an appeal.

IMFA Receives Rs 38.98 Lakh Income Tax Penalty Order Over Capital Gains From Property Sale

Notifications

The CBDT through the Directorate of Income Tax (Systems), has notified the guidelines for furnishing Statement of Financial Transactions (SFT-2517) relating to depository transactions. 


CBDT Notification: Half-Yearly SFT Reporting by Depositories to Facilitate Capital Gains Pre-Filling in ITRs

Judgement

ITAT has directed fresh verification of capital gains claim after finding that a typographical error may have led to Rs 13.68 lakh of excess income being disclosed in the ITR.

Genuine Typographical Mistake in Capital Gains Can Be Examined Under Section 154, Holds ITAT

The ITAT Bench has set aside a Rs 11.48 crore addition on securities and mutual fund transactions, directing the AO to conduct a fresh assessment after proper verification and a meaningful hearing.

ITAT Sets Aside Rs 11.48 Crore Capital Gains Addition, Remands Case for Fresh Adjudication After Finding Lack of Hearing Opportunity

ITAT remands a Rs 9.28 crore tax dispute to CIT(A) for fresh consideration of property capital gains, acquisition cost and Section 54 deduction claims.

ITAT Sends Rs 28 Crore Tax Addition Back to CIT(A), Directs Fresh Examination of Property Capital Gains and Section 54 Claim

The ITAT Bangalore held that TDR received against surrender of land has an ascertainable acquisition cost


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IMFA Receives Rs 38.98 Lakh Income Tax Penalty Order Over Capital Gains From Property Sale

CBDT Notification: Half-Yearly SFT Reporting by Depositories to Facilitate Capital Gains Pre-Filling in ITRs

Genuine Typographical Mistake in Capital Gains Can Be Examined Under Section 154, Holds ITAT

ITAT Sets Aside Rs 11.48 Crore Capital Gains Addition, Remands Case for Fresh Adjudication After Finding Lack of Hearing Opportunity

ITAT Sends Rs 28 Crore Tax Addition Back to CIT(A), Directs Fresh Examination of Property Capital Gains and Section 54 Claim

ITAT Holds Sale of Transferable Development Rights Taxable as Capital Gains