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Income Tax - The author discusses that recent amendment by Finance Act, 2018 to section 50C of allowing 5% deviation may be curative in nature and hence there is a case that the same may be treated as having a retrospective effect from the date on which section 50C came into force i.e. 1-4-2003. IT will reduce burden […]...
Read MoreIncome Tax - Reporting requirements of transactions without PAN and for certain Financial transactions under the Income-tax Act, 1961 and Rules prescribed thereto...
Read MoreIncome Tax - Article discusses Income Tax impact of union Budget 2018 on Deemed Income arising on sale/ purchase of immovable property under Section 50C, Section 56 and Section 43CA....
Read MoreIncome Tax - Rationalization of section 43CA, section 50C and section 56. At present, while taxing income from capital gains (section 50C), business profits (section 43CA) and other sources (section 56) arising out of transactions in immovable property, the sale consideration or stamp duty value, whichever is higher is adopted. The difference is taxed...
Read MoreIncome 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 - 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 MoreLaxmi Ice & Cold Storage Vs Income Tax Officer (ITAT Lucknow) - Provisions of section 50C of the Act is not applicable to the cold storage building so to substitute actual sale consideration by deemed sale consideration and the order of the Assessing Officer passed under section 147/143(3) of the Act cannot be a subject matter of section 263. ...
Read MoreAmarshiv Construction Pvt. Ltd. Vs. D.C.I.T. (ITAT Ahmedabad) - Impugned addition u/s.50C(2) of the Act mandates reference to DVO in case an assessee contests the jantri price in question to be higher than fair market value of the relevant capital asset. ...
Read MoreSh. Anil Jain Vs DCIT (ITAT Delhi) - Provisions of section 50C of the Act are not applicable in the case of the assessee as the capital asset involved here was not land or building but it is a right to purchase a building (shop)....
Read MoreCIT Vs. Satya Dev Sharma (Rajasthan High Court) - Assessee entered into a purchase agreement for purchase of a land and later transferred all the rights acquired under the power of attorney for certain consideration, AO applied section 50C and enhanced short-term capital gains of assessee which was not justified since section 50C was not applicable...
Read MoreThe Income-tax Officer Vs. Smt. Sejal D Shah (ITAT Ahmedabad) - The ITAT bench comprising Pramod Kumar (AM) and S. S. Godara (JM) recently confirmed that the sale consideration on agricultural land after its conversion to non-agricultural Land constitutes business income and therefore, section 50C of the Income Tax Act, 1961 cannot be applicable to such cases....
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Laxmi Ice & Cold Storage Vs Income Tax Officer (ITAT Lucknow) -
Amarshiv Construction Pvt. Ltd. Vs. D.C.I.T. (ITAT Ahmedabad) -
Sh. Anil Jain Vs DCIT (ITAT Delhi) -
CIT Vs. Satya Dev Sharma (Rajasthan High Court) -
The Income-tax Officer Vs. Smt. Sejal D Shah (ITAT Ahmedabad) -
