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 : The article explains how violating the twin conditions under Section 50C(2) can block valuation relief and trigger taxation on hig...
Income Tax : The ITAT held that an assessment completed before receiving the DVO report under section 50C(2) is invalid. All additions and disa...
Income Tax : ITAT Bangalore held that capital gains from land gifted to spouse are taxable in the husband’s hands under Section 64(1)(iv), no...
Income Tax : Learn how Section 50C impacts genuine property sales. Explore case laws, strategies, and defenses to handle unfair tax additions d...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 giv...
Income Tax : Rationalisation Of Section 50c To Provide Relief Where Sale Consideration Fixed Under Agreement To Sell- Section 50C makes a spec...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : The ITAT observed that registration undertaken solely to satisfy a banks mortgage requirement cannot automatically attract tax und...
Income Tax : ITAT Kolkata held that the Assessing Officer was required to refer the property valuation to the DVO when the assessee disputed th...
Income Tax : The ITAT held that Section 50C only substitutes the sale consideration for capital gains computation and does not prohibit deducti...
Income Tax : Raj Krishan Gupta Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, partly allowed the assessee’s appeal aga...
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 condoned appeal delay, set aside the CIT(A)’s order, and remanded the assessment for fresh adjudication after granting a fair hearing.
The ITAT observed that registration undertaken solely to satisfy a banks mortgage requirement cannot automatically attract tax under Section 56(2)(x). It restored the matter for fresh examination of the true nature of the transaction.
ITAT Kolkata held that the Assessing Officer was required to refer the property valuation to the DVO when the assessee disputed the value under Section 50C(2). The assessment was remanded for fresh adjudication after complying with the statutory provision.
The ITAT held that Section 50C only substitutes the sale consideration for capital gains computation and does not prohibit deduction of the indexed cost of improvement. The matter was remanded only to verify the amount claimed.
Raj Krishan Gupta Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, partly allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2015-16. The appeal involved denial of deduction under Sections 54/54F, addition under Section 56(2)(vii), and disallowance of indexed cost of acquisition. The assessee […]
ITAT Bangalore held that where the assessee disputed the stamp duty valuation and furnished a registered valuer’s report, the Assessing Officer ought to have referred the matter to the Departmental Valuation Officer (DVO).
The ITAT Mumbai held that the doctrine of merger did not bar revision under Section 263 because the applicability of Section 50C was never considered during the reassessment or appellate proceedings. It upheld the revision while directing fresh consideration of the property’s valuation through the prescribed statutory mechanism.
The ITAT Delhi held that the assessee could not claim deduction under Section 54 for the first time before the Tribunal when it had neither been claimed in the return nor during assessment proceedings. The Tribunal also upheld the remand of the Section 50C issue to the Assessing Officer.
The Tribunal held that compensatory interest under Section 234B could not be charged when seized cash exceeding the tax liability was already in Revenue’s possession. It directed complete deletion of the interest.
ITAT sustained the adoption of fair market value under Section 50C after finding that seized cash represented on-money from property transactions. The Tribunal upheld the valuation determined through the DVO process.
