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 : Discover the real implications of Section 50C and significant court rulings affecting real income taxation. Explore crucial tax de...
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 section 50C could not be applied where the sale consideration exceeded the value accepted by the stamp auth...
Income Tax : The issue was whether commercial usage converts agricultural or residential Lal Dora land into commercial property for stamp duty ...
Income Tax : Addressing alleged cash discrepancies and debtor recoveries, the Tribunal held that such amounts form part of presumptive business...
Income Tax : The Tribunal examined whether cost of improvement can be denied solely due to cash payments. It ruled that genuine documentary evi...
Income Tax : The Tribunal held that land cost must be allocated based on saleable/built-up area under the JDA, not total land area. It directed...
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 AO passed a rectification order while the core section 50C addition was pending fresh adjudication. ITAT ruled that such parallel adjudication leads to inconsistency and must be avoided.
ITAT Kolkata held that ownership, transfer, and transaction resulting into profit from business or profession and capital gain in respect of joint development agreement needs more verification. Accordingly, matter remanded back for fresh adjudication.
ITAT held that Section 50C proviso is retrospective, allowing stamp duty value as on the agreement date where consideration was fixed earlier, significantly reducing LTCG exposure.
The issue was whether capital gains could be computed under section 50C without referring valuation to the DVO despite the assessee’s objection. The ITAT held that denial of a DVO reference violates statutory rights and remanded the matter for fresh valuation.
The ITAT held that capital gains under Section 50C cannot be mechanically applied where a sale deed is alleged to be an erroneous document and no real transfer occurred. The case was remanded to verify whether the transaction was actually a gift with no consideration or possession transfer.
Delhi ITAT held that a bank’s valuation report obtained post-search is not incriminating material, restricting unexplained investment addition to a reasonable estimate.
The ITAT held that even a small part payment through banking channels before or on the agreement date is sufficient to invoke the provisos to section 56(2)(vii)(b)(ii). Substantial payment or possession is not a statutory requirement.
The Tribunal remanded the case after finding that reassessment and appellate orders were passed ex parte without examining key issues on transfer, valuation, and cost, directing a fresh assessment with opportunity of hearing.
The Tribunal sent the matter back to the Assessing Officer after finding that important objections on land classification and cost of acquisition were not verified. A fresh decision must be made after proper examination.
ITAT ruled that a Section 50C addition cannot stand without a DVO reference where market value is disputed. Matter remanded for fresh valuation and reconsideration.
