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Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
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The Tribunal held that AO must recompute capital gains considering purchase cost, indexation, and stamp duty, instead of merely adding the section 50C deemed value difference.
ITAT Visakhapatnam held that amount paid to clear mortgage/encumbrances on title of property is rightly claimed as deduction under section 48(1) of the Income Tax Act. Accordingly, appeal of revenue is dismissed.
NCLAT Delhi held that collusive bidding and bid rigging duly proved on the basis of evidence such as common IP usage; use of fake and fabricated documents. Thus, order of commission holding appellant guilty u/s. 3(3)(c) and 3(3)(d) upheld.
ITAT Delhi deletes ₹16.97 Cr addition; Denmark-based LM Wind Power AS has no PE or business connection in India. Royalty taxable u/s 115A; penalty u/s 271AA unsustainable.
Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
The ITAT found the AO’s valuation incorrect, emphasizing that FMV must be determined on the date of transfer, leading to the restoration of the long-term capital loss for the Assessee.
Gauhati High Court held that arrest in fraudulent availment of Input Tax Credit [ITC] cannot be termed as illegal since the arresting authority has complied with all the mandates provided by the CGST Act, 2017 and the BNSS, 2023.
The Tribunal ruled that the Assessing Officer cannot refer property valuation to the DVO if the registered valuer’s estimate is correct or higher than fair market value, overturning an inflated capital gains addition.
The Tribunal upheld that the assessee could adopt NAV for one sale and DCF for another, as both are recognized under Rule 11UA. Since the AO failed to show any defect in the valuation reports, the substituted FMV was held invalid. The deletion of the section 50CA addition was confirmed.
The Tribunal ruled that a Section 148 notice issued after six years from AY 2013–14 was invalid, quashing the reassessment and additions under Section 54F.
