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...
Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is considered full consideration for tax.
ITAT Ahmedabad held that it is mandatory for the AO to refer the valuation to the DVO if the assessee objects to the adoption of the stamp duty value and claims that the value adopted exceeds the fair market value.
Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabilities, and deductions under Section 48.
ITAT Mumbai held that normal period of limitation i.e. 3 years will apply in case of reopening of assessment where escapement of income was below Rs. 50 Lakhs and extended period of 10 years will apply only in case of concealment of income of Rs. 50 Lakhs or more.
ITAT Ahmedabad rules in favor of Rahul G. Patel, granting exemption under Section 54EC for investments made in NHAI bonds before the sale deed registration.
The Madras High Court ruled that the 2016 amendment to Section 50C of the Income Tax Act applies retrospectively, impacting capital gains assessment for earlier years.
Discover the real implications of Section 50C and significant court rulings affecting real income taxation. Explore crucial tax decisions and compliance tips.
ITAT Mumbai held that provisions of section 56(2)(x) of the Income Tax Act does not apply to developer who has taken over the possession of lawn or building or both for the purpose of the development.
Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural events like re-registration of property deeds.
Section 50C not applies if transfer of capital asset took place as per approval and under the supervision of the statutory authorities and after due process of inviting the public objections in respect of the said transactions.
