Income Tax - Section 50C of income tax act 1961 introduced vide Finance Act. 2002 w.e.f. 01.04.2003, which prescribes similar provisions in the case of transfer of land or building or both held in the nature of ‘Capital Assets’. (from assessment year 2003-2004)....
Read MoreIncome Tax - Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of the sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement […]...
Read MoreIncome Tax - Taxation of development agreement is most complex issue in recent times because nowdays stamp duty valuations of the development agreements are based on maximum potential FSI. The structure of the development agreement and consideration involves two flows of consideration. One flow is from devoloper to landowner in form of consideration i...
Read MoreIncome Tax - Points To Be Kept In Mind At The Time of Selling And Buying Property For The Purpose of Income Tax If you are going to sell a property then a number of points are to be kept in mind which are explained below : 1. The sales consideration if lower than value adopted or assessed […]...
Read MoreIncome Tax - 1. Determination of full value of consideration Sub section (1) of the section 50C provides that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value of adopted or assessed or assessable by any authority […]...
Read MoreIncome Tax - Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....
Read MoreIncome Tax - In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 gives an option for considering the stamp duty value as on date of agreement instead of stamp duty value on date of registration...
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 MoreArmatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) - Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) Regarding the issue of applicability of section 50C of the Act, the assessee objected for adopting value of 50C as per guidance value, at the time of assessment, a letter requesting for reference to the valuation itself was also made by letter da...
Read MoreRakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) - Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) We have perused the assessment order and the order of the CIT(A) as well as the materials placed on record and referred to in terms of Rule 18(6) of the Income Tax (Appellate Tribunal) Rules, 1963. On perusal, we observe that at the time of original asses...
Read MoreN.A. Haris Vs Add. CIT (ITAT Bangalore) - N.A. Haris Vs Add. CIT (ITAT Bangalore) In this case, there is no dispute that the agreement to sale the impugned residential flats were entered into financial years 2006-2007 and 2007-2008. There is no dispute for this fact. Now the contention of the assessee is that for determining guideline val...
Read MoreAyi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) - Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) Under section 45(1) of the Act, the charge on capital gain is in the year of transfer. Section 45(1) of the Act clearly lays down that any gain arising on the transfer of the capital asset effected in the previous year shall be chargeable to incom...
Read MoreAshok Vadilal Patel Vs ITO (ITAT Ahmedabad) - Ashok Vadilal Patel Vs ITO (ITAT Ahmedabad) The dispute between the assessee and the Revenue is, for the purpose of section 50C, which rate is to be deemed as full consideration for the sale of this property for purpose of section 48 of the Act ? According to the assessee, the rate should be adopted...
Read MoreNotification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...
Read More
Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) -
Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) -
N.A. Haris Vs Add. CIT (ITAT Bangalore) -
Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) -