Exemption under Section 54F allowed even if the claim was made in response to section 148 notice Summary in Key Points: Issue: Whether an assessee can claim exemption under Section 54F of the Income-tax Act, 1961 for capital gains invested in a residential house, even if they did not file an original return of income… Read More »
Exemption under Section 54B allowed for agricultural land purchased in wife Name Exemption under Section 54F allowed for investment in residential house construction on ancestral land. Addition under section 68 deleted for unsecured loan received from the brother based on evidence provided. Summary in Key Points: Issue 1 (Section 54F): Whether the assessee can claim… Read More »
Society not entitled to exemption under sections 11 and 12 due to non-filing of return of income. Summary in Key Points: Issue 1: Whether a charitable society that hasn’t filed a return of income can claim exemption under sections 11 and 12 of the Income-tax Act, 1961. Issue 2: Whether a charitable society is entitled… Read More »
7 Income Tax Case Laws 21.01.2025 Section Case Law Title Short Summary Citation Relevant Act Section 1 Kimaya Ashram Charitable Trust v. CIT A minor error in an application for tax exemption under Section 12A should not lead to outright rejection. The tax authorities should consider the intent and substance of the application. CLICK… Read More »