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 : Understand the income tax provisions for cash transactions in the agriculture sector. Learn how farmers can protect their interest...
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 Ahmedabad held that it is mandatory for the AO to refer the valuation to the DVO if the assessee objects to the adoption of t...
Income Tax : Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabi...
Income Tax : ITAT Mumbai held that normal period of limitation i.e. 3 years will apply in case of reopening of assessment where escapement of i...
Income Tax : ITAT Ahmedabad rules in favor of Rahul G. Patel, granting exemption under Section 54EC for investments made in NHAI bonds before t...
Income Tax : The Madras High Court ruled that the 2016 amendment to Section 50C of the Income Tax Act applies retrospectively, impacting capita...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
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 value by invoking the provisions of […]
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 income tax […]
Section 50B of the Act contains special provision for computation of capital gains in case of slump sale. Sub-section (42C) of section 2 of the Act defines ‘slump sale’ to mean the transfer of one or more undertakings as a result of sale for lump sum consideration without value being assigned to individual assets and […]
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 […]
Prakash Chand Bethala Vs DCIT (ITAT Bangalore) Section 50C provides that where the consideration received or accruing as a result of transfer by an assessee of a capital asset being rent or building or both is less than the value adopted or assessed by any authority for the purpose of payment of stamp duty in […]
Prakash Chand Bethala Vs DCIT (ITAT Bangalore) In the present case, the AO applied the provisions of section 50C of the Act on the basis of Sale Deed executed by the assessee on 9.3.2007. At this stage, it is appropriate to observe that there was an Agreement of Sale executed by assessee on 8.3.1993 and […]
Maria Fernandes Cheryl Vs ITO (ITAT Mumbai) Once legislature very graciously accepts, by introducing the legal amendments in question, that there were lacunas in the provisions of Section 50 C in the sense that even in the cases of genuine variations between the stated consideration and the stamp duty valuation, anti-avoidance provisions under section 50C […]
Now the question is whether it should be reduced by the value as determined under section 50C of the act or actual money received by the assessee. The provisions of section 50C cannot be incorporated in the computation of block of the assets for the simple reason that it only substitutes the full value of the consideration received or accruing as a result of transfer for the purposes of section 48 only.
The issue under consideration is whether AO is correct in invoking section 50C where no reference to valuation officer despite being request made by assessee?
Noida Cyber Park Pvt. Ltd. Vs ITO (ITAT Delhi) Section 50C(1) of the Act, in so far as it is relevant for our purpose, prescribes that where the sale 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 […]
