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...
Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business income & exclusions
Get a comprehensive breakdown of the ITAT Delhi case, Rukshana Begum vs ITO, involving explained funds and investment for wife’s financial security in old age.
Delhi High Court held that reopening of assessment liable to be quashed as PCIT simply rubber-stamped the attempt of AO to reopen the assessment without inquiring about various basic issues involved in the matter like applicability of section 50C, cost of acquisition and claim of deduction u/s 54EC.
ITAT Kolkata held that as provisions of section 43CA of the Income Tax Act are introduced with effect from 1st April 2014, the said provisions are not applicable to ‘agreement to sell’ entered prior to 1st April 2014.
Read the analysis of the case between K. S. Anbuselvan and ITO at ITAT Chennai. The court allows the appeals for re-adjudication of capital gains and deductions related to the sale of a property, following a reference to the District Valuation Officer (DVO) for valuation
Detailed review of the Satya Dharma Hotels Pvt Ltd vs ITO case, where the ITAT Delhi has directed a re-adjudication due to the AO not considering Section 55A of the Income Tax Act.
ITAT Delhi held that failure to call for DVO report and discrediting the valuation report of the assessee without substantial reasons is unsustainable and bad in law.
ITAT Mumbai has directed AO to obtain the complete information and examine whether assessee has only leasehold right or complete rights over the property so that provisions of section 50C of the Income Tax Act are attracted.
ITAT Mumbai held that the provisions of Sec. 56(2)(x) of the Act are incorporated in the Finance Act 2017 with the prospective applicability from A.Y.2017-18 and the transactions entered into prior to 1.04.2017 would not suffer any implications of the section.
ITAT Delhi held that provisions of section 50C of the Income Tax Act applies only in case of transfer of land or immovable property. Invocation of deeming provision of section 50C in case of mere transfer of right in property accrued under agreement without transfer of title is unjustifiable.
