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 : Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting met...
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 : Understanding double taxation on the sale of unquoted shares in India. Learn about the implications and requirements under the Inc...
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 Delhi held that External Development Charges (EDC) is an advance collected to provide common facilities and other services to...
Income Tax : ITAT Delhi held that bona fide error cannot be basis of imposition of penalty and hence imposition of penalty under section 270A o...
Income Tax : ITAT Mumbai held that normal period of limitation i.e. 3 years will apply in case of reopening of assessment where escapement of i...
Income Tax : Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural ...
Income Tax : ITAT Delhi dismisses DCIT's appeal against DLF Urban Pvt. Ltd. TPO failed to apply industry filter for ALP of interest, resulting ...
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 Delhi held that External Development Charges (EDC) is an advance collected to provide common facilities and other services to the prospective flat owners. Since, the same is collected on approval of HUDA, it cannot form part of Profit and Loss Account. Accordingly, addition towards the same rightly deleted.
Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is considered full consideration for tax.
ITAT Delhi held that bona fide error cannot be basis of imposition of penalty and hence imposition of penalty under section 270A of the Income Tax Act rightly deleted by First Appellate Authority.
Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting methods.
ITAT Mumbai held that normal period of limitation i.e. 3 years will apply in case of reopening of assessment where escapement of income was below Rs. 50 Lakhs and extended period of 10 years will apply only in case of concealment of income of Rs. 50 Lakhs or more.
Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural events like re-registration of property deeds.
ITAT Delhi dismisses DCIT’s appeal against DLF Urban Pvt. Ltd. TPO failed to apply industry filter for ALP of interest, resulting in the deletion of Rs. 6.29 crores addition.
Read about Pahari Mata Sahkari Awas Samiti Ltd. Vs ACIT (ITAT Lucknow). The Commissioner (Appeals) cannot dismiss the appeal for non-prosecution and must decide on merits.
Mumbai ITAT orders stamp duty valuation on allotment letter date for Section 56(2)(x) of Income Tax Act, setting aside CIT(A) order against Assessee.
ITAT Mumbai ruled that no addition is warranted under Sec 56(2)(x)(b)(B)(ii) of Income Tax Act when difference between purchase value and fair market value is less than 10%.