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 : 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 : 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 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...
Income Tax : Bombay High Court rules that Section 50C of the Income Tax Act applies to the transfer of capital assets held under leasehold righ...
Income Tax : ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actua...
Income Tax : ITAT Pune condones delay in appeal by Vaibhav Surve, remands case for reassessment of capital gains on land sale under Section 50C...
Income Tax : ITAT Kolkata held that provisions of section 56(2)(x) of the Income Tax Act were inserted by Finance Act, 2017 and effective only ...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
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 […]
The issue under consideration is whether the Section 50C need to be complied at the time of computation of exemption u/s 54 or 54F?
Atul Gupta Vs ACIT (ITAT Delhi) It is an undisputed fact that the instant case was picked up for ‘Limited Scrutiny’ on two specific issues as reproduced in Para 2.0 above. It is also an undisputed fact that neither any permission was sought by the AO to expand the scope of limited scrutiny in the […]
Sri Sandeep Patil Vs. ITO (ITAT Banglore) ITAT held that difference between the value adopted by stamp valuation authority and actual consideration is to be ignored if the same is less than 10%. We also notice that the Parliament has introduced third proviso in section 50C(1) of the Act, as per which the difference in […]
