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 Kolkata held that amendment to section 43CA of the Income Tax Act vide the Finance Act, 2020 via which tolerance band for dev...
Income Tax : ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down valu...
Income Tax : ITAT Mumbai deleted additions made under section 43CA of the Income Tax Act by considering the stamp duty value on the date of reg...
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 : 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...
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%.
ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not considered the stamp duty valuation of the property on the date of agreement, which was in 2015. As per the proviso to the section, the stamp duty value on the date of agreement should have been taken into account.
Mumbai ITAT reiterates Sec 50C(1) as a measure against tax evasion by undervaluing property sales, emphasizing its retrospective application.
ITAT Mumbai held revisionary order under section 263 of the Income Tax Act to be proper and just as assessment was completed in a routine and mechanical manner without due diligence and without due application of mind.
Read case of Monarch & Qureshi Builders challenging an ITAT Mumbai order, highlighting jurisdictional issues in Section 143(2) notice for quashing assessment.
Assessee-individual was carrying out various types of business including property development, liquor shop, medicine shop and rental income. The return was selected for scrutiny by issuance of notice u/s 143(2) and 142(1).
ITAT Jaipur held that provisions of section 50C of the Income Tax Act is not applicable because the immovable property was purchased/ sold as business property. Further, profit earned was duly reflected in the return of income. Accordingly, demand set aside.
ITAT Mumbai held that provisions of Section 43CA of the Income Tax Act are effective only from 1st April 2014. Accordingly, the same are not applicable when part payment was received in 2010.
