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...
The ITAT Mumbai held that when stamp duty value is disputed, the Assessing Officer should refer the property to the Departmental Valuation Officer. The matter was remanded for fresh assessment.
The Tribunal relied on official certificates confirming that the land was located beyond municipal limits and classified as agricultural. Since agricultural land is excluded from capital asset definition, the addition made under Section 56 was deleted.
The Tribunal held that when the difference between purchase price and DVO valuation falls within the 10% tolerance band, no addition can be made under section 56(2)(vii). The addition based on stamp duty value was therefore deleted.
ITAT Indore held that stamp duty valuation cannot be adopted without considering Section 50C(2)/(3). The matter was remanded for DVO reference and fresh computation.
ITAT Mumbai held that the cost of acquisition in present case would be the FMV of the flats which the assessee has acquired in exchange of surrender of tenancy right to the developer. Accordingly, AO is directed to re-compute cost of acquisition.
The Tribunal held that transfer took place in 2000 upon execution of a registered development agreement and receipt of full consideration, not in 2008 when the sale deed was executed.
ITAT Mumbai held allotment letter is an agreement to sell; stamp duty value on booking/allotment date applies u/s 56(2)(x) where payments were via banking channels. ₹45.03L addition set aside for verification.
ITAT Mumbai quashed reassessment beyond 3 years as approval under Sec 151(ii) was granted by PCIT instead of PCCIT/CCIT, rendering notice u/s 148 and entire proceedings invalid.
ITAT Mumbai held stamp duty value on allotment date applies u/s 56(2)(x) where full payment was made by cheque before agreement, not registration date value; matter remanded for verification.
ITAT condoned a 106-day delay considering the assessees senior citizen status and bona fide reasons. On merits, it restored the capital gains issue to the Assessing Officer for de novo verification.
