Income Tax : The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed co...
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 : 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 : Tribunal held that purchase of land outside the prescribed period does not automatically disqualify exemption on construction of a...
Income Tax : The Lucknow ITAT held that reassessment proceedings cannot survive where the reasons recorded contain incorrect facts and lack pro...
Income Tax : The Tribunal held that a land sale completed before 01.07.2012 could not be subjected to a DVO reference under the amended Section...
Income Tax : The Tribunal held that for AY 2011-12, the Assessing Officer could not refer property valuation to the DVO when the assessee relie...
Income Tax : The Court held that the Assessing Officer could not refer the matter to the Valuation Officer under Section 55A where the assessee...
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 u/s. 56(2)(vii)(b)(ii) of the Income Tax Act justified due to difference stamp duty value of the property and sale consideration. Accordingly, appeal of the assessee allowed.
On appeal before ITAT it was submitted that that the case of assessee has been squarely covered under First Proviso of Section 50C of the Act and thus the sale consideration fixed on date of agreement has to be considered as full valuation of consideration towards transfer of property.
Assessee is an individual filed his Return of Income for AY 2013-14 at Rs.10,98,540/-. During the year consideration, assessee along with other co-owners sold two immovable properties for a consideration of Rs.1,20,60,000/- and Rs.1,85,40,000/-.
In a recent ruling ITAT Mumbai dismissed appeal filed by the revenue and confirmed order of the CIT (A) in treating the income/compensation received from the transaction in agricultural land as business income instead of income from other sources as treated by the AO.
In a recent ruling Delhi HC remanded the proceedings to the AO to consider the Assessee’s alternate claim for loss arising out of the HTM securities, as loss under the head ‘income from business and profession.
ITAT Bangalore held that once the sale consideration mentioned in the sale deed differs from the stamp value adopted by the officer, AO has to adopt the procedures contemplated u/s. 50C of the Act. Accordingly, appeal filed by the assessee dismissed.
ITAT Kolkata held that in terms of block assessment under section 153A of the Income Tax Act, reopening of unabated assessment without any incriminating material found with respect to concerned assessment year is impermissible in law.
ITAT Mumbai held that the internal audit memo is outside the scope and ambit of the term “information” as provided in Explanation 1 to section 148 of the Act, prior to its amendment by the Finance Act, 2022. Accordingly, reopening of proceedings liable to be quashed.
ITAT Kolkata held that amendment to section 43CA of the Income Tax Act vide the Finance Act, 2020 via which tolerance band for deviation between actual sale price and stamp duty valuation increased from 5% to 10% has retrospective application.
ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down value (WDV) for the purpose of claiming deprecation on the block of the asset. Thus, disallowance made is liable to be deleted.
