S. 54F : Capital gains-Investment in a residential house-Purchase of office premises-Not residential premises-Not entitle exemption-Different survey number-Compromise deed-No connection with transfer-Not allowable as deduction [S.45, 48]
Arun Keshavrao Narwade (HUF) v. ITO (2022) 95 ITR 53 (SN) (Pune) (Trib)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 54F : Capital gains-Investment in a residential house-Joint property-Factually incorrect finding-Matter remanded [S.45, 133(6)]
Munni Devi Agarwal (Smt.) v. ITO (2022) 99 ITR 177 (Jaipur) (Trib)S. 54B : Capital gains-Land used for agricultural purposes-Acquisition by Government-Compensation-Offering capital gains to tax under mistaken belief-Addition denying the exemption was deleted. [S. 2(14)(iii)(b), 10(37), 139(1)]
Kishor Ganpatrao Karande v. ITO (2022)100 ITR 67 (SN)(Pune) (Trib)S. 54B : Capital gains-Land used for agricultural purposes-Agricultural Land-Purchase of agricultural land in same year-Order of CIT(A) allowing the deduction was affirmed. [S. 45]
ITO v. Babita Gupta (2022)100 ITR 252 (Delhi)(Trib)S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of residential unit in name of assessee’s wife-Not entitled to exemption. [S. 45]
Jayawant Gajanan Sutar v. ITO (2022) 96 ITR 3 (SN) (Pune) (Trib)S. 54 : Capital gains-Profit on sale of property used for residence-Possession more than three years-Documents showing rental income not verified by department-Matter remanded [S. 45]
Mohd. Shakeel Quadri and v. ITO (2022)97 ITR 52 (SN)(Hyd)(Trib) Mohd. Layeeq v. ITO (2022) 97 ITR 52 (SN)(Hyd)(Trib)S. 50C : Capital gains-Full value of consideration-Stamp valuation-Department Valuation-Objection of assessee was not considered-Matter remanded. [S. 45]
Ushaben Ambalal Oza v. ITO (2022)96 ITR 46 (SN)(Ahd) (Trib)S. 50C : Capital gains-Full value of consideration-Stamp valuation-Sale deed shown less than value for stamp duty purposes-Agreement to sale was entered earlier-Circle rate as on date of agreement to be taken-Amendment is clarificatory and has retrospective effect-Cost of improvement-No document was provided-Not allowable as deduction [S. 45, 48]
Akash Juneja v. ITO (2022)100 ITR 45 (SN) (Delhi)(Trib)S. 50C : Capital gains-Full value of consideration-Stamp valuation-Development rights-Transfer of development rights took place in Financial year 2000-01-Provisions of Section 50C inserted with effect from 1-4-2003 provision is not Applicable [S. 2(47)(ii), 45]
Shri Ganadhiraj Co-Operative Housing Society v. Dy. CIT (2022) 99 ITR 5 (SN) (Mum)(Trib)S. 50C : Capital gains-Full value of consideration-Stamp valuation-Date of agreement to sell to be taken into consideration for stamp duty valuation-Matter remanded.[S.45]
Dharmendra B. Patel v. Dy. CIT (2022)98 ITR 268 (Surat) (Trib)