Case Law Details
Case Name : Punjab PolyJute Corporation Vs. ACIT (ITAT Amritsar)
Related Assessment Year :
Courts :
All ITAT ITAT Amritsar
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RELEVANT PARAGRAPHS:
4. We have heard both the parties and perused the material on record. Relevant paragraph of section 50C reads as under :
“50C Special provision for full value of consideration in certain cases – (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed by any authority of a State Government (hereinafter in this sect
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In some of my clients cases the sub registrar has registered the sale deeds by taking value as per DLC and collected stamp duty accordingly later on the stamp duty collector enhanced the value of the same land 3 to 4 times by making exparte order and on this information to I.T dept. the assessing officer assessed by taking this enhanced value without refering to DVO whether this justified my clients have preferred appeal to CIT(appeals) so may I get some case laws and circulers etc to help them—Mahesh
compensation received after the compromise between two parties in a civil title suit A party receives compensation while party B writes the registry in favour to C who is purchaser of the property ………
Q-whether party A receiving compensation will attract sec. 50 c of the Indian income tax act?
whether section 50C is applicable on the depreciable immmovable property used in business sold for a value less than the value taken for stamp duty.
i want to knoe that if a lessor sold the property alongwith lease to any third person at a value lower than market value, authority will charged stamp duty on full amount thereafter third party also sale the leased property to another person. what is valuation of property and who will liable to pay tax, if lessor and third person not paid the same.