Case Law Details
Case Name : Lal Singh Naderia Vs ITO (ITAT Jaipur)
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Jaipur
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Lal Singh Naderia Vs ITO (ITAT Jaipur)
ITAT Jaipur held that amount paid towards settling the property dispute is absolutely necessary to affect the transfer and accordingly the same is allowed as expenditure covered by provision of section 48 of the Income Tax Act.
Facts- In spite of having no legal title on the property, the assessee had sold the property at distress value and the same was at Rs. 1,20,00,000/- where the share of the assessee was 40%. The stamp duty authority in the first instance valued that property at Rs. 5,76,54,492/- and thereafter, the same was reduced to Rs. 1,94,19,82...
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Author Bio
So what is the taxability of Rs 70,00,000 in hands of Jai mahal Palace. Please guide