Income Tax : Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is co...
Income Tax : Discover the real implications of Section 50C and significant court rulings affecting real income taxation. Explore crucial tax de...
Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...
Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...
Income Tax : Income-Tax Implications for the Sellers, if any Immovable Property is Sold for a consideration less than Stamp Duty Value...
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 : Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 5...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
Income Tax : ITAT Pune ruled on capital gains in Smt. Vimal Baburao Jadhav Vs ITO. The Tribunal held Section 50C inapplicable, recalculating LT...
Income Tax : Bombay High Court holds that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenueâ€...
Income Tax : ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s app...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Assessee not liable for penalty under Section 271(1 )(c) when an addition is being made with the help of deeming provision of Section 50C
ITAT Mumbai held that amendment to section 50C of the Income Tax Act stating that the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purpose of computing the full value of consideration for such transfer is retrospective in nature and effective from 1st April 2003.
Sejalbhai G. Patel Vs ITO (ITAT Surat) Learned Departmental Representative (ld. DR) for the Revenue submitted that in order to claim the exemption under section 54B of the Act, the agricultural land should be purchased within two years from the date of sale of the original agricultural That is, the agricultural land must have been […]
ITAT Delhi held that the deemed valuation of Section 50C of the Income Tax Act cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a buyer.
ITAT Mumbai held that development rights in the plot of land were transferred to the builder in the financial year 2000–01. Provisions of section 50C were effective only from 1st April 2003 and hence the same are not applicable in the present case.
ITAT Ahmedabad held that when genuineness of the transaction is proved and more than 99% of the payment was received by cheque, capital gain on sale of property should be computed by applying amended proviso to section 50C of the Income Tax Act.
Karb Associates Pvt. Ltd Vs DCIT (ITAT Kolkata) Even if, the assessee does not make prayer to the A.O for referring the valuation to the DVO while disputing the valuation of the property made by the Stamp Duty Authority, then A.O being a quasi-judicial authority was duty bound to act fairly and suo-moto refer the […]
2 different yardsticks for same set of sale transaction made by co-owners not allowed. Assessee cannot be treated differently for similar transaction
Amount paid by the buyer to the tenant for the vacation of tenancy should not be taxed in the hands of the owner of the capital asset.
DCIT Vs Envair Electrodyne Ltd. (ITAT Pune) ITAT find no merit in the Revenue’s argument in principle that section 50C gets attracted even in case of transfer of leasehold rights which does not come within the nature and ambit of specified asset(s) of ‘land or building or both’ in the statutory provision. We thus, conclude […]
