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 held that addition invoking provisions of section 50C(2) of the Income Tax Act without referring the valuation of the capital asset to the valuation officer is not justifiable. Accordingly, matter restored back to AO to refer the matter to valuation officer for determining Fair Market Value.
ITAT Mumbai orders DVO reference in Fakhruddin T. Malik case, ruling AO erred by not valuing disputed property despite assessee’s request.
ITAT Mumbai rules on Section 50C taxability. Capital gains arise in the year of sale deed execution and possession, not registration, based on legal precedents.
ITAT Nagpur held that the provisions of section 56(2)(vii) (b)(ii) of the Income Tax Act came into statute by Finance Act 2013 w.e.f. 01.04.2014 i.e., A.Y.2014-15. Accordingly, provisions cannot be made applicable to date of agreement before 01.04.2014.
Bombay High Court rules that Section 50C of the Income Tax Act applies to the transfer of capital assets held under leasehold rights.
Learn how Section 50C impacts genuine property sales. Explore case laws, strategies, and defenses to handle unfair tax additions due to stamp duty value mismatches.
ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actual purchase price declared by the assessee falls within the tolerance limit of 10%. Accordingly, appeal allowed.
ITAT Pune condones delay in appeal by Vaibhav Surve, remands case for reassessment of capital gains on land sale under Section 50C.
ITAT Kolkata held that provisions of section 56(2)(x) of the Income Tax Act were inserted by Finance Act, 2017 and effective only from 01.04.2017. Thus, provisions of section 56(2)(x) is not applicable when flat is brought prior to 01.04.2017.
The assessee argued that the DVO’s report, submitted beyond the statutory six-month period, was invalid. The ITAT agreed, ruling that the valuation report was indeed time-barred and, therefore, the addition based on it was unsustainable.
