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...
Legal battle: Anilkumar Kantilal Trivedi challenges ITO’s Section 50C addition on agricultural land sale. Appeal details and key arguments analyzed.
ITAT Mumbai held that while computing capital gains arising of transfer of capital asset acquired by the assessee under the will, the indexed cost of acquisition has to be computed with respect to the year in which the previous owner first held the asset.
ITAT Jaipur held that non-compliance inspite of repeated notices/ summons has led to gross negligence on the part of the assessee and accordingly matter restored back and cost of Rs. 2,000/- imposed for negligent attitude during income tax proceedings.
ITAT Jaipur held that capital gain on sale of land as covered under the provisions of section 50C of the Income Tax Act is to be assessed separately.
ITAT held that profit from sale of property purchased to exploit commercially and sold as a stock in trade cannot be assessed to tax under the head capital gain and shall be assessed under the head, profit and gains of business or profession;
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act cannot be imposed on the basis of legal fiction of section 50C of the Income Tax Act.
PCIT Vs Durgapur Projects Limited (Calcutta High Court) Whether provisions of Section 50C can be applied when the immovable property is compulsorily acquired by the Government? Whether the definition of transfer u/s 2(47) can be considered for applying Section 50C or only when the transfer involves payment of stamp duty that the provisions of Section […]
Bharat Keshavlal Shah Vs PCIT (ITAT Pune) Lastly comes the issue of section 56(2)(vii) made applicable in assessee’s case on account of alleged difference between stamp valuation and actual purchase consideration qua the sale deed executed in the relevant previous year. A perusal of the said sale deed dated 31.12.2013, and more particularly, the schedule […]
Shri Narendra Shantikumar Firodia Vs DCIT (ITAT Pune) Phraseology in section 50C(1) of the Act only covers exclusively land or building or both and does not refer to any right in land or building. Thus, the expression land or building in its coverage is quite distinct from the expression any right in land or building. […]
Difference between stated consideration and guideline value is less than 10% as prescribed under 3rd proviso to section 50C(1), then there cannot be any addition by substituting full value of consideration.
