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Tax Implication on Sale & Purchase of Immovable Property for Seller & Buyer

Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...

September 1, 2023 39573 Views 7 comments Print

Analysis of Section 50C & 43CA: Tax Implications for Immovable Property

Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...

August 12, 2023 12792 Views 0 comment Print

Immovable Property Sold at less than Stamp Duty Value – Tax Impact on Seller

Income Tax : Income-Tax Implications for the Sellers, if any Immovable Property is Sold for a consideration less than Stamp Duty Value...

April 27, 2023 104079 Views 15 comments Print

Cash Transactions in Agriculture Sector- Income Tax Provisions

Income Tax : Understand the income tax provisions for cash transactions in the agriculture sector. Learn how farmers can protect their interest...

June 13, 2022 71997 Views 1 comment Print

Restrictions on Cash Transactions in Real Estate under Income Tax

Income Tax : Understanding the restrictions on cash transactions in real estate under income tax laws. Learn how these provisions aim to preven...

June 13, 2022 124998 Views 0 comment Print

Latest News

6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...

May 28, 2019 8025 Views 2 comments Print

Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion

Income Tax : In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 giv...

January 14, 2018 3567 Views 1 comment Print

Provide relief when agreement date fixing sale consideration & Registration Date not same

Income Tax : Rationalisation Of Section 50c To Provide Relief Where Sale Consideration Fixed Under Agreement To Sell- Section 50C makes a spec...

January 20, 2016 1370 Views 0 comment Print

Latest Judiciary

ITAT Mumbai Confirms Applicability of Section 50C for Short-Term Capital Gains on Land Transfer

Income Tax : ITAT Mumbai confirms ₹1.45 crore short-term capital gains addition under Section 50C for land transfer, rejecting the taxpayer's...

May 25, 2024 11202 Views 0 comment Print

No Section 56(2)(viib) Addition Required for Discrepancy of less than 10%

Income Tax : Discover the ITAT Delhi's ruling on Sakshi Fincap Pvt. Ltd. vs. ITO, addressing valuation discrepancies and retrospective amendmen...

May 24, 2024 594 Views 0 comment Print

Core Issues of Property Ownership, Leasehold Rights & Sale Remain Unexamined: ITAT Directs Readjudication

Income Tax : In the case of Rajni Dua Vs ACIT, ITAT Delhi orders reassessment due to discrepancies in property ownership and leasehold rights. ...

May 23, 2024 270 Views 0 comment Print

No section 270A penalty for addition on account of estimation of fair market value by Valuation Officer

Income Tax : ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale considerat...

May 9, 2024 648 Views 0 comment Print

Stamp duty valuation on Allotment letter date should be considered for Section 56(2)(x)

Income Tax : Mumbai ITAT orders stamp duty valuation on allotment letter date for Section 56(2)(x) of Income Tax Act, setting aside CIT(A) orde...

April 11, 2024 1794 Views 0 comment Print

Latest Notifications

CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...

January 29, 2020 12744 Views 0 comment Print

Year of entering into JDA would be year of taxability under Income Tax

December 28, 2023 5886 Views 0 comment Print

ITAT Hyderabad held that as the parties have entered into registered Joint Development Agreement (JDA) on 04.04.2007 and the “Group of assessee” have also handed over possession to the TBPD pursuant to the agreement. Hence, transfer took place in the assessment year 2008-09.

Section 69 Addition Unjustified for Insignificant Discrepancy in 22 Kt Gold & Polki Jewellery Weight

December 20, 2023 972 Views 0 comment Print

Addition made under Section 69 on account of the difference in excess stock of 22 Kt Gold and Polki Jewellery was not justified as the total weight of items of 22KT Gold jewelry and 22KT Gold Polki jewelry was 36,943 gms, and as per the estimated value, the difference was merely 113.50 gms, which was 0.32%.

Opportunity of Hearing must before addition for Unexplained Eviction Expenses

December 19, 2023 357 Views 0 comment Print

Explore the legal battle of Shadawal Enterprises vs CIT in ITAT Mumbai. Analysis of unexplained expenses, eviction, and conclusion. Learn about the crucial remand for a fair decision

Expenditure towards helper allowance disallowed in absence of any supporting documents

December 18, 2023 657 Views 0 comment Print

ITAT Chennai held that disallowance of expenditure towards helper allowance claimed as deduction u/s. 10(14)(i) of the Income Tax Act rightly sustained as no supporting documents submitted.

Section 50C Addition Cannot be Made by CPC Under Section 143(1)

November 30, 2023 6354 Views 0 comment Print

Prabha Anil Gandhi vs. ADIT (ITAT Mumbai): ITAT rules on CPC’s jurisdiction, Section 50C adjustments, and processing under section 143(1).

Adoption of stamp duty valuation u/s 50C without making reference to DVO unsustainable

November 29, 2023 798 Views 0 comment Print

ITAT Mumbai held that adoption of stamp duty valuation invoking provisions of section 50C of the Income Tax Act without making reference to District Valuation Officer (DVO) unsustainable. Accordingly, matter remanded for de novo proceedings.

Value on date of agreement is considered when date of agreement fixing consideration and date of registration of property is different

November 21, 2023 7320 Views 0 comment Print

ITAT Hyderabad held that where the date of agreement fixing the amount of consideration and the date of registration of property is different, value adopted by stamp valuation authority on the date of agreement has to be taken for purposes of computing full value of consideration of such transfer.

ITAT Upholds Addition on LTCG Under Section 50C for Unregistered Deeds

November 4, 2023 981 Views 0 comment Print

ITAT Mumbai decision in Hari Mittar Yadav vs. ITO: Confirmation of addition on LTCG under Section 50C based on unregistered deeds entered on judicial stamp papers.

ITAT Jaipur Dismisses Appeal: Non-compliance with ITD Notice

November 2, 2023 462 Views 0 comment Print

ITAT Jaipur dismisses Chiranji Lal Bairwa’s appeal due to non-compliance with ITD notice for determining land value under section 50C of Income Tax Act. Details of the case and the ruling.

Valuation Officer Report Required for Sale Consideration per Section 50C: ITAT Mumbai

October 26, 2023 4821 Views 0 comment Print

In the case of Bombay Samachar Pvt. Ltd Vs ACIT, ITAT Mumbai rules that valuation of sale consideration must involve a Valuation Officer as per Section 50C of the Income Tax Act.

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