Tag Archives: IN THE ITAT BANGALORE BENCH

Subsequent Capital Gains Utilized for Improving an Existing Exempt Residential Property Qualify under Section 54F Issue Whether an assessee is entitled to claim an exemption under Section 54F of the Income-tax Act, 1961, for long-term capital gains utilized toward the further construction and structural improvement of an existing residential property, when the initial purchase of… Read More »

Deduction under Section 80P cannot be denied in full over nominal membership limits. Issue Whether a co-operative society can be denied its deduction under Section 80P(2)(a)(i) in full on the grounds that it admitted nominal or associate members beyond the statutory 15% limit prescribed under State law, and whether the disallowance of an interest provision… Read More »

Reassessment additions are legally unsustainable if the original issue triggering the reopening is entirely dropped. Issue Whether the Assessing Officer can legally disallow a Section 54 capital gains deduction and make a new addition in a reassessment order if no addition is ultimately made on the primary issue for which the Section 147 reopening was… Read More »

Rebate Under Section 87A Cannot Be Denied on Section 112 Capital Gains for Assessment Year 2024-25 Issue Whether a resident individual opting for the new tax regime under Section 115BAC is eligible to claim a tax rebate under Section 87A against long-term capital gains taxable under Section 112, provided their total income does not exceed… Read More »

Interest Income From Mandatory Bank Deposits Is Business Income Eligible For Section 80P Deduction Issue Whether interest income earned by a co-operative society from statutory and compulsory deposits placed with co-operative or scheduled banks in compliance with State co-operative laws is assessable as business income eligible for deduction under Section 80P(2)(a)(i), or as income from… Read More »

Delay of 252 days condoned by ITAT; CIT(A) order dismissing JDA capital gains claim in limine set aside for failure to evaluate delay condonation. Issue Whether the Income Tax Appellate Tribunal (ITAT) should condone a 252-day delay in filing an appeal by a deceased assessee’s legal heir, and whether the CIT(A) was justified in dismissing… Read More »

Bonus shares held as long-term investments yield exempt LTCG, overriding their original stock-in-trade classification per CBDT circular. Issue Whether the gains arising from the sale of bonus shares should be taxed as Business Income under Section 28(i) on the ground that the original underlying shares were held as stock-in-trade, or if they qualify as Long-Term… Read More »