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Court rules land sold for housing was agricultural at time of sale, exempting c…

The case involved an assessee (taxpayer) HUF that sold land in 1968 to housing societies. The tax department treated the gains as taxable capital gains on the basis that the land was non-agricultural at the time of sale. The assessee claimed the lan…

Court rules against treating land as agricultural, overturns tax exemption on c…

The case involves an appeal by the Revenue Department against the Income Tax Appellate Tribunal's order, which had affirmed the assessee's claim that the sale of their land was not assessable as capital gains under Section 45 of the Income Tax Act, …

Individual's Rs 2 crore land sale not exempt as agricultural land, rules Income…

This case involves an individual assessee who sold a 0.4 hectare land parcel in Alibaug for Rs 2 crores in the assessment year 2013-14. The assessee claimed the capital gains were exempt as the land was agricultural land. However, the Income Tax App…

Court rules tax deduction required on compensation for buildings, not agricultu…

The case involves a dispute over whether the Special Land Acquisition Officer (SLAO) was required to deduct tax at source under Section 194LA of the Income Tax Act when paying compensation for acquiring land, buildings, and trees. The Revenue argued…

Agricultural land sale not taxable as capital gain due to lack of urbanization …

The case involves the sale of agricultural land by the assessee and his family members to a private company. The tax authorities treated the sale consideration as capital gains from the transfer of a non-agricultural land, which the assessee contest…

Court upholds agricultural land exemption for land over 8km from municipality, …

This case involves a dispute between the Income Tax Department and an assessee (Founder-Chairman of Veltech Group of Educational Institutions) over whether capital gains from the sale of certain land should be taxed. The key issue was whether the la…

Unraveling the Complexities: Capital Assets and Agricultural Land

This article explores the intricate definition of capital assets under Section 2(14) of the Income Tax Act, with a particular focus on the treatment of agricultural land. It delves into the nuances, exemptions, and legal interpretations surrounding …

Bombay High Court quashes income tax order, remands case to determine if land s…

The Bombay High Court quashed an income tax assessment order and remanded the case back to the Assessing Officer (AO) to determine whether the land sold by the petitioner was agricultural land exempt from capital gains tax under Section 2(14)(iii) o…

Simplified Taxation: A Boon for India’s Small Business Owners

The Presumptive Taxation Scheme introduced by the Income Tax Act offers a simplified tax regime for small businesses and individuals, reducing the administrative burden of complex accounting and audits. By allowing them to declare income at prescrib…

Demystifying Property Holding Periods and Indexed Costs: A Practical Guide

Determining the correct period of holding and indexed cost of acquisition for properties acquired through allotment letters or agreements to sell can be a complex task. This article provides a practical guide to navigating these calculations, ensuri…

Unlock Financial Prosperity: 7 Savvy Moves Before the Fiscal Year Ends

As the financial year draws to a close, proactive planning is key to optimizing your financial health and tax compliance. From calculating advance taxes and filing updated returns to strategic investments and asset acquisitions, these seven essentia…

Bakelite Hylam wins interest on excess advance tax paid after due dates

The case involved Bakelite Hylam Ltd. disputing the Income Tax department's refusal to pay interest under Section 214 on excess advance tax paid during the financial year 1971-72, even though some instalments were paid after the due dates specified …