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 Tribunal held that valuation without giving the assessee an opportunity to object violates natural justice. It remanded the ma...
Income Tax : ITAT Mumbai held that CIT(A) cannot enhance income by introducing a new issue not examined by the Assessing Officer. The ruling cl...
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 : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
ITAT Mumbai ruled that no addition is warranted under Sec 56(2)(x)(b)(B)(ii) of Income Tax Act when difference between purchase value and fair market value is less than 10%.
ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not considered the stamp duty valuation of the property on the date of agreement, which was in 2015. As per the proviso to the section, the stamp duty value on the date of agreement should have been taken into account.
Explore the case of Tirupati Developers vs ACIT where ITAT Mumbai ruled no section 50C addition for PGBP income in a redevelopment project.
Mumbai ITAT orders AO to follow Sec 50C if stamp values exceed property FMV, in Rakhmabai Mhatre Mukkam Bhalgaon vs ITO case. Full text available.
DCIT Vs Delight Suppliers Pvt. Ltd. case by ITAT Kolkata, where currency derivative loss was deemed genuine and safe harbour rule of 5% under Section 50C was allowed.
ITAT Delhi quashes reassessment initiated by AO on incorrect facts. Full text analysis of Shri Anuj Chaudhary vs ITO case for AY 2009-10.
ITAT Delhi rules against penalty under Section 271(1)(c) for inaccurate income particulars from property sale, emphasizing legal and factual clarity.
Learn from the Bombay High Court’s judgment why actual agricultural activity isn’t crucial in determining land as agricultural, impacting tax liabilities.
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.
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.
