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 Mumbai held that deeming fiction of section 50C cannot be extended while working out the written down value [WDV] for the purpose of claiming depreciation on the block of asset. In other words, legal fiction for substantiating the sale consideration by the Stamp Duty Value created under either section 50 or section 43CA cannot be extended to section 32 for claiming depreciation on the block of the asset. Thus, order set aside.
The Tribunal ruled that Section 69A applies only when the assessee is found to be the owner of money or assets. Mere suspicion or digital communication cannot replace proof of possession or ownership.
The dispute involved additions made despite small variations between agreement value and stamp duty value. The Tribunal ruled that differences within 10% are immune from Section 43CA, granting relief for genuine transactions.
Addressing alleged cash discrepancies and debtor recoveries, the Tribunal held that such amounts form part of presumptive business receipts. Without books or adverse evidence, additions were unjustified.
The Tribunal ruled that penalty proceedings are consequential to assessment. When the assessment issue is pending before the High Court, penalty cannot be enforced.
ITAT Pune held that non-examination of issue of depreciation claimed on goodwill justifies invocation of revisionary proceeding under section 263 of the Income Tax Act. Accordingly, order sustained and appeal of assessee dismissed.
The Tribunal held that Section 56(2)(viib) could not be applied once the assessee qualified as a company in which the public are substantially interested. The ruling clarifies that the charging provision itself fails where statutory exclusion applies.
The issue was whether an assessment can continue after the assessee’s death. The Tribunal held such an order void ab initio when the legal heir is not substituted.
ITAT held that Section 50C proviso is retrospective, allowing stamp duty value as on the agreement date where consideration was fixed earlier, significantly reducing LTCG exposure.
While restoring the appeals, the ITAT directed expeditious disposal and warned against avoidable adjournments. The key takeaway is that condonation is granted to enable justice, not to prolong litigation.
