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 : 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 : 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 : The case examined whether minor valuation differences can trigger taxation under Section 56(2)(x). ITAT held that differences with...
Income Tax : The Tribunal held that where registration is delayed, the stamp duty value on the agreement date must be considered. The ruling ap...
Income Tax : The dispute involved incorrect invocation of valuation provisions by the AO. The Tribunal ruled that using Section 142A instead of...
Income Tax : The Tribunal found that capital gains were computed without considering the DVO valuation report. It held that ignoring such evide...
Income Tax : ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers ...
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 Ahmedabad ruled that a property’s valuation, once fixed by a Departmental Valuation Officer for a co-owner, must be applied to other co-owners of same property.
ITAT Ahmedabad allows an 83-year-old taxpayer to file a delayed appeal, citing health issues and a parallel case involving his wife, for which a precedent was set.
ITAT Delhi held that circle rate couldn’t be applied as the property was sold under distress. Accordingly, matter remanded back to AO to determine fair market value of property taking into consideration that the sale was under distress.
The ITAT Hyderabad ruled that an adjustment under Section 50C is not a prima facie issue when title and valuation are disputed, mandating a DVO referral.
Mumbai ITAT rules 10% tolerance limit under Section 50C is retrospective from 2003, deleting an addition. It also allows deduction for stamp duty paid by seller.
The Mumbai ITAT ruled that under Section 50C(3), the stamp duty value prevails over a higher DVO valuation. Learn how this impacts capital gains tax.
It was pertinent to note that assessee was an agriculturist and semiliterate person, not well versed with the income tax proceedings, therefore, it was the duty of AO to apprise him the correct position instead of putting an extra tax liability because of his ignorance.
Mumbai ITAT sets aside PCIT’s revisionary order against Johar Hasan Zojwalla, ruling that jurisdiction was wrongly assumed due to a factual error in the assessment year.
The Mumbai ITAT has remanded a tax case, ruling that the AO was duty-bound to refer a valuation dispute to a DVO under Section 50C(2).
ITAT Kolkata upholds deletion of capital gains addition under Section 50C and disallowance under Section 14A for Tirupati Niryat Pvt. Ltd.
