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Income Tax - It is a well settled and in substance a legal precedent that what is subject to tax is a real income. The principle of real income has been subject matter of intrinsic litigation in past and the possibility of probable dispute on the scope of what constitutes real income in days to come cannot be completely ruled out despite there have be...
Read MoreIncome Tax - Many times it happens that a person contributes capital in a partnership firm in the form of land or building in order to become a partner. It has been noted that the tax consequence in such cases is not clear since two sections comes into play in such kind of transactions-Section 45(3) and Section 50C of the Income Tax Act, 1961. The afo...
Read MoreIncome Tax - It is proposed to amend the provisions of section 50C so as to provide that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of computing the full value of ...
Read MoreIncome Tax - As a general public we have tendency to save taxes by adopting various tricks and transactions. A lot of black money is generated through transfer of various types of immovable properties. The seller and the purchaser generally mutually agree on a transaction to enter into agreement at a price lower than the Fair Market Value of property ...
Read MoreIncome Tax - In India buying or selling of properties (Land & Building) at a value lower than the stamp duty value is very much prevalent to save the Stamp Duty on registration, which causes loss of revenue to the Government. Loss is not of just Stamp Duty revenue but also of Income Tax revenue that is to be paid by assessee on Income under head Capit...
Read MoreIncome Tax - Rationalisation Of Section 50c To Provide Relief Where Sale Consideration Fixed Under Agreement To Sell- Section 50C makes a special provision for determining the full value of consideration in cases of transfer of immovable property. It provides that where the consideration declared to be received or accruing as a result of the transfer...
Read MoreM/s. John Fowler (India) Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Mumbai) - A welcome decision of Mumbai ITAT in respect of the charging of capital gain on the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee...
Read MoreSri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata) - In the instant case the impugned property was sold at a value lesser than the value adopted for the purpose of stamp duty. Therefore the valuation determined for the purpose of stamp valuation is taken as sale consideration. However, such deeming provision cannot be applied to the provision of law a...
Read MoreIncome Tax Officer Vs M/s. Aditya Narain Verma [HUF] (ITAT Delhi) - it is a very settled position that the power of ITAT in setting aside cannot be exercised so as to allow Assessing Officer to cover up the deficiency in its case....
Read MoreThe Pr. Commissioner of Income Tax- 2, Vs M/s Quark Media House India Pvt. Ltd. (Punjab & Haryana High Court) - The presumption against the value being understated (not undervalued) is greater where parties are connected or related. However, if the AO does not allege that the assessee received more consideration than is stated in the sale deed, he cannot made an addition to the stated consideration....
Read MoreAssistant Commissioner of Income Tax Vs Akash Association (ITAT Ahmedabad) - Reference to DVO for determination of market value for the purpose of computation of capital gains under section 48 would be wholly redundant since main thrust of section 48 is the full value of consideration received or accruing as a result of transfer of capital asset and not the fair market value...
Read MoreM/s. John Fowler (India) Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Mumbai) -
Sri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata) -
Income Tax Officer Vs M/s. Aditya Narain Verma [HUF] (ITAT Delhi) -
The Pr. Commissioner of Income Tax- 2, Vs M/s Quark Media House India Pvt. Ltd. (Punjab & Haryana High Court) -
Assistant Commissioner of Income Tax Vs Akash Association (ITAT Ahmedabad) -
Sh. Jastinder Singh Vedi Punjabi Bagh Vs DCIT (ITAT Delhi) -
M/s. Abhideep Chemicals Vs PR CIT-14 (ITAT Mumbai) -
DCIT Vs Trans Freight Containers Ltd. (ITAT Mumbai) -
CIT Vs Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court) -
