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Tax Implication on Sale & Purchase of Immovable Property for Seller & Buyer

Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...

September 1, 2023 38979 Views 7 comments Print

Analysis of Section 50C & 43CA: Tax Implications for Immovable Property

Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...

August 12, 2023 12408 Views 0 comment Print

Immovable Property Sold at less than Stamp Duty Value – Tax Impact on Seller

Income Tax : Income-Tax Implications for the Sellers, if any Immovable Property is Sold for a consideration less than Stamp Duty Value...

April 27, 2023 101607 Views 15 comments Print

Cash Transactions in Agriculture Sector- Income Tax Provisions

Income Tax : Understand the income tax provisions for cash transactions in the agriculture sector. Learn how farmers can protect their interest...

June 13, 2022 71250 Views 1 comment Print

Restrictions on Cash Transactions in Real Estate under Income Tax

Income Tax : Understanding the restrictions on cash transactions in real estate under income tax laws. Learn how these provisions aim to preven...

June 13, 2022 123705 Views 0 comment Print

Latest News

6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...

May 28, 2019 8016 Views 2 comments Print

Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion

Income Tax : In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 giv...

January 14, 2018 3567 Views 1 comment Print

Provide relief when agreement date fixing sale consideration & Registration Date not same

Income Tax : Rationalisation Of Section 50c To Provide Relief Where Sale Consideration Fixed Under Agreement To Sell- Section 50C makes a spec...

January 20, 2016 1358 Views 0 comment Print

Latest Judiciary

No section 270A penalty for addition on account of estimation of fair market value by Valuation Officer

Income Tax : ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale considerat...

May 9, 2024 492 Views 0 comment Print

Stamp duty valuation on Allotment letter date should be considered for Section 56(2)(x)

Income Tax : Mumbai ITAT orders stamp duty valuation on allotment letter date for Section 56(2)(x) of Income Tax Act, setting aside CIT(A) orde...

April 11, 2024 1695 Views 0 comment Print

No Section 56(2)(x)(b)(B)(ii) Addition for Valuation Difference of less than 10%

Income Tax : ITAT Mumbai ruled that no addition is warranted under Sec 56(2)(x)(b)(B)(ii) of Income Tax Act when difference between purchase va...

April 3, 2024 2916 Views 0 comment Print

Section 56(2)(x): Consider Stamp duty value on agreement date – ITAT Kolkata

Income Tax : ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not consider...

March 27, 2024 741 Views 0 comment Print

Section 50C Inapplicable to Assessee in Property Redevelopment Business: ITAT Mumbai

Income Tax : Explore the case of Tirupati Developers vs ACIT where ITAT Mumbai ruled no section 50C addition for PGBP income in a redevelopment...

March 22, 2024 1437 Views 0 comment Print

Latest Notifications

CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...

January 29, 2020 12714 Views 0 comment Print

Section 54B Exemption Valid for Pre Sale Deed Registration Land Investment: ITAT

March 1, 2024 1575 Views 0 comment Print

Sold agricultural land? Re-invest the proceeds in new land within 2 years to claim tax exemption under Section 54B. Even if the new land is registered in your son’s name, you may still qualify. Learn the details and avoid common mistakes with this informative guide.

No Section 271(1)(c) Penalty for Stamp Authority Valuation Discrepancy: ITAT Ahmedabad

February 14, 2024 816 Views 0 comment Print

ITAT Ahmedabad rules accepting stamp authority valuation is not proof of incorrect sale consideration, removing penalty under Section 271(1)(c) of the Income Tax Act.

Safe Harbour Limit of 5% Under Section 50C(1) Deemed Retrospective

February 12, 2024 780 Views 0 comment Print

Mumbai ITAT reiterates Sec 50C(1) as a measure against tax evasion by undervaluing property sales, emphasizing its retrospective application.

Section 40A(2)(a) Disallowance Requires Fair Market Value Assessment: Arbitrary Ad Hoc Disallowances Not Upheld

February 12, 2024 324 Views 0 comment Print

Delve into ITAT Delhi’s verdict on ACIT vs Noida Cyber Park Pvt. Ltd., emphasizing the need for fair market value assessment in Section 40A(2)(a) disallowances and rejecting arbitrary ad hoc deductions.

Provisions of section 50C not applicable for Assessment Year 2013-14: ITAT Bangalore

January 19, 2024 666 Views 0 comment Print

Income Tax Appellate Tribunal (ITAT) Bangalore’s significant order favoring Saritha Jain against the Commissioner of Income Tax (Appeals) for Assessment Year 2013-14, covering various grounds challenging income tax assessment.

Indexed cost of interest paid for acquisition of property not allowable

January 18, 2024 2664 Views 0 comment Print

The key dispute centered around the disallowance of deductions under section 48(ii) of the Income Tax Act related to the indexed cost of interest paid for the acquisition of a property sold by the assessee.

No addition u/s 69 for advances received against booking of flats by treating it as unexplained expenditure

December 30, 2023 939 Views 0 comment Print

Assessee-individual was carrying out various types of business including property development, liquor shop, medicine shop and rental income. The return was selected for scrutiny by issuance of notice u/s 143(2) and 142(1).

Year of entering into JDA would be year of taxability under Income Tax

December 28, 2023 5805 Views 0 comment Print

ITAT Hyderabad held that as the parties have entered into registered Joint Development Agreement (JDA) on 04.04.2007 and the “Group of assessee” have also handed over possession to the TBPD pursuant to the agreement. Hence, transfer took place in the assessment year 2008-09.

Section 69 Addition Unjustified for Insignificant Discrepancy in 22 Kt Gold & Polki Jewellery Weight

December 20, 2023 963 Views 0 comment Print

Addition made under Section 69 on account of the difference in excess stock of 22 Kt Gold and Polki Jewellery was not justified as the total weight of items of 22KT Gold jewelry and 22KT Gold Polki jewelry was 36,943 gms, and as per the estimated value, the difference was merely 113.50 gms, which was 0.32%.

Opportunity of Hearing must before addition for Unexplained Eviction Expenses

December 19, 2023 345 Views 0 comment Print

Explore the legal battle of Shadawal Enterprises vs CIT in ITAT Mumbai. Analysis of unexplained expenses, eviction, and conclusion. Learn about the crucial remand for a fair decision

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