The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that Primary Agricultural Credit Society is entitled to benefit under Section 80P(2)(i) of the Income Tax Act for providing credit.
When a taxpayer earns long-term capital gains from sale of any asset (other than a house property), the tax arising on the gains can be saved by investing the net sale proceeds in a residential property. The quantum of exemption depends on the amount invested in the new house. If the amount invested is less than the net sale consideration then the exemption is proportional.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has restored the matter back to the AO to verify the Institute of Company Secretaries of India s (ICSI) income tax exemption claim.The bench of.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that an assessment order passed in the name of a non-existent entity is void ab initio.The bench of Saktijit Dey (Vice President) and.