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 : 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 : 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 case examined whether minor valuation differences can trigger taxation under Section 56(2)(x). ITAT held that differences with...
Income Tax : The Tribunal held that where registration is delayed, the stamp duty value on the agreement date must be considered. The ruling ap...
Income Tax : The dispute involved incorrect invocation of valuation provisions by the AO. The Tribunal ruled that using Section 142A instead of...
Income Tax : The Tribunal found that capital gains were computed without considering the DVO valuation report. It held that ignoring such evide...
Income Tax : ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers ...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Shri Rama Jogi Reddy Sanepalli Vs ITO (ITAT Bangalore) ITAT Pune Bench in the case of Ratnakanta B. Agarwal v. ITO, ITA 587/PUN/2014, order dated 24.07.2017 wherein the Hon’ble Pune Bench took the view that if the variance between the value estimated as fair market value by the DVO and the value adopted by the […]
Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the […]
Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have also carefully gone through […]
Girdhari Lal Vs ITO (ITAT Delhi) The test for determining whether the impugned land is agriculture bear mainly on the nature or character of the land, and not merely on the actual user or non-user at a particular point of time. If the land is not actually appropriated for agricultural purposes, the minimal requirement is […]
One of the most controversial provisions, which had a huge impact on the taxation of Real Estate Transactions, was the introduction of concept of Deeming Fiction through Section 50C.
Explore Amar Das’ ITAT case. Section 50C, capital gains clarified. Rs. 43,22,878 addition overturned. Get insights on tax implications.
A.O. applied the deeming provisions of Section 50C of the I.T. Act, for the purpose of making the addition. Thus, the A. O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars.
Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of […]
Section 50C provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of capital gains arising on transfer of land or building or both. For example if in the agreement for sale, the value of the flat is stated at Rs. 24 lacs but according to the stamp duty authorities the valuation of the flat is Rs. 34 lacs, then it will be considered that the flat has been sold for Rs. 34 lacs and capital gains will be computed on the basis of Rs. 34 lacs.
Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this appeal is regarding computation of long term capital gain on sale of property located at Ghaziabad. The assessee has declared the long term capital gain on the sale of the said property claiming real […]
