Word assessable has been inserted in section 50C w.e.f. 01/10/2009. Thus, prior to 01/10/2009, the section 50C was applicable over the sale of properties, which were sold by of the registered deed where the stamp value was assessed by the registration authorities and the section 50C was not applicable,
AO cannot reject suo-moto disallowance made by assessee under Section 14A of the Income Tax Act, 1961 without recording his satisfaction as required under Section 14A(2) of the Income Tax Act, 1961.
Hence, the order of Assessing Officer was upheld to the extent that the payment of non-compete fee was a capital expenditure and the assessee was not entitled to claim depreciation u/s 32 of the Act on the said capital expenditure.
ITAT held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners, there was no transfer of capital asset and consequently, no profits or gain was chargeable under Section 45 (4) of the Income Tax Act, 1961.
Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi) Ground- Learned CIT(A) has erred in considering amounts aggregating to Rs.26,839,975 towards Value Added Tax and Service Tax included in the customer’s work order as constituting part of construction contract value for the purposes of recognizing revenue under AS7. The CBDT Circular No. 4/2008 dated 04.04.2008 clarified […]
Surcharge and Education Cess was not leviable on receipts in the nature of Royalties and reimbursements of other expenses, which was offered to tax by assesse on gross basis under the India – France DTAA.
Mrinal Roy Vs DCIT (ITAT Delhi) Once it is established that the tax has been deducted at source, the bar under Section 205 of the Act comes into operation and the revenue is barred from recovering the TDS amount once again from the employee from whose income, TDS amount has been It is pertinent to […]
Parmanand Sharma Vs ITO (ITAT Delhi) ITAT said in their considered opinion once the assessee alleged that his income is not taxable during the provisions of the Act there cannot be any obligation upon the assessee to pay advance tax. ITAT’s view is fortified by the affidavit of the assessee filed before me. I find […]
On agricultural Land no tax is payable when the compensation/enhanced compensation is received by the assessee as their land were agricultural land. The compensation was received in respect of agricultural land belonging to the assessee which had been acquired by the state government.
It is pertinent to note that the Assessing Officer admitted the claim of the assessee for exemption u/s 54F(1)(b) in respect of investment on long term capital gain but instead of taking actual sale consideration received, has adopted the figure of sale consideration by invoking Section 50C. This is not in accordance with the provision of Section 50C which has created a deeming fiction. Section 54F is an exemption provision and it has given its applicability in itself, therefore, Section 50C will not come under picture.
