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 Kolkata held that provisions of section 56(2)(x) of the Income Tax Act were inserted by Finance Act, 2017 and effective only from 01.04.2017. Thus, provisions of section 56(2)(x) is not applicable when flat is brought prior to 01.04.2017.
No Section 56(2)(x) addition for reduction in agreement value due to increase in Goods and Services Tax (GST) rates effective from July 1, 2017: ITAT Mumbai
ITAT Kolkata held that amendment to section 43CA of the Income Tax Act vide the Finance Act, 2020 via which tolerance band for deviation between actual sale price and stamp duty valuation increased from 5% to 10% has retrospective application.
ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down value (WDV) for the purpose of claiming deprecation on the block of the asset. Thus, disallowance made is liable to be deleted.
ITAT Mumbai deleted additions made under section 43CA of the Income Tax Act by considering the stamp duty value on the date of registration of agreement as prescribed under section 43CA(3) of the Income Tax Act.
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.
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.
