Case Law Details
Case Name : Income-tax Officer Vs Shri Prem Rattan Gupta (ITAT Mumbai)
Related Assessment Year : 2006-07
Courts :
All ITAT ITAT Mumbai
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Assessee has given the right of the additional FSI/TDR which the assessee was otherwise entitled to get from the local body / Government for the acquisition of the land if the assessee has not taken any consideration. So far as issue of the TDR is concerned, the value of the TDR cannot be the subject matter of sec. 50C and admittedly, the assessee gets additional FSI / TDR only after the acquisition of the land. As per the Land Acquisition Act once the notification is issued then assessee loses the title of the land or property. Ultimately, what has to be considered is the net area available w...
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On the subjecty of listing out the de4ductions eligible for relief u/s.80C of the Ineometax Act, so long as the Govt does not enlarge the list or increase them deduction limit, there is no point in repeating the items. In these days of acute inflation, Rs one lakh being the maximum allowable deduction is too small to make any big difference to the tax liability. Secondly, the withdrawal of standard deduction for the salaried class is a hard blow. The Govt will stand to benefit a lot if it increases the limit u/s 80C. Moneys available to the Govt for investment in development will increase manifold. If the standard deduction for salaried class and the deduction u/s.80C are increased, the salaaried class will be left with more money which it will invest in the enhanced deductions u/s.80C. It is hoped that in the forthcoming budget the Fiance Ministyer will give serious thought to these suggestions.