This case examines whether an addition can be made in the hands of a purchaser of immovable property by invoking the deeming provisions of Section 50C of the Income-tax Act, 1961. The Assessing Officer sought to treat the difference between the actual purchase …
Introduction On 14 August 2025, the Bombay High Court delivered its judgment in the case of Narendra I. Bhuva (Legal Heirs) v. ACIT, Circle 13(1), Mumbai concerning the taxability of gains arising from the sale of a vintage car. While dismissing the main appeal and …
The Income Tax Appellate Tribunal (ITAT), Mumbai, in the case of Navketan Premises Pvt. Ltd. vs. DCIT (AY 2015-16), delivered a significant ruling on 6 August 2025 clarifying the scope of Section 43CA of the Income-tax Act, 1961. The dispute revolved around whether undervaluation provisions under …
In a significant and clarifying judgment, the Income Tax Appellate Tribunal (ITAT), Chennai Bench, has ruled that long-term capital loss (LTCL) from the sale of shares can be validly set off against long-term capital gain (LTCG) arising from a slump sale, provided …
In a landmark ruling, the Kerala High Court has clarified that any compensation or enhanced compensation received by an assessee for the compulsory acquisition of landed property will be treated as income under the head ‘Capital Gains’ under the Income …