Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
Income Tax : The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed co...
Income Tax : Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is co...
Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...
Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : ITAT held Section 43CA did not apply as the flats were booked before the provision became effective, deleting the addition based o...
Income Tax : The ITAT Mumbai held that the doctrine of merger did not bar revision under Section 263 because the applicability of Section 50C w...
Income Tax : The Hyderabad ITAT observed that if a property is treated as stock-in-trade, the applicability of Section 43CA cannot be ignored. ...
Income Tax : ITAT Bangalore upheld the CIT(A)’s decision that reassessment proceedings for AY 2015-16 were barred by limitation. The Tribunal...
Income Tax : Pune ITAT held that Section 43CA is prospective and applies only from Assessment Year 2014-15 onward to eligible transactions. Agr...
Income Tax : In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
ITAT held Section 43CA did not apply as the flats were booked before the provision became effective, deleting the addition based on stamp duty value.
Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains taxable receipts, deductions, audits, presumptive taxation, and compliance requirements.
The ITAT Mumbai held that the doctrine of merger did not bar revision under Section 263 because the applicability of Section 50C was never considered during the reassessment or appellate proceedings. It upheld the revision while directing fresh consideration of the property’s valuation through the prescribed statutory mechanism.
The Hyderabad ITAT observed that if a property is treated as stock-in-trade, the applicability of Section 43CA cannot be ignored. The ruling clarifies that deeming provisions under Section 50C and Section 43CA operate in different contexts.
ITAT Bangalore upheld the CIT(A)’s decision that reassessment proceedings for AY 2015-16 were barred by limitation. The Tribunal found no error in relying on the Supreme Court’s ruling on reassessment timelines.
Pune ITAT held that Section 43CA is prospective and applies only from Assessment Year 2014-15 onward to eligible transactions. Agreements executed before the provisions introduction remain outside its scope.
The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed conditions are satisfied. This relief helps prevent unfair tax additions arising solely from a later increase in circle rates.
Mumbai ITAT held that no addition under Section 43CA could survive where difference between agreement value and DVO valuation remained within 10% tolerance band. Tribunal ruled that safe harbour benefit applies once DVO valuation substitutes stamp duty value.
The Tribunal upheld tax addition where agricultural land was acquired below stamp duty valuation and DVO-determined fair market value. It ruled that agricultural status of land does not exclude applicability of section 56(2)(x).
ITAT Mumbai held that CIT(A) cannot enhance income by introducing a new issue not examined by the Assessing Officer. The ruling clarifies that such action exceeds jurisdiction under Section 251 and must be addressed through other provisions.
