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...
Rationalisation Of Section 50c To Provide Relief Where Sale Consideration Fixed Under Agreement To Sell- Section 50C makes a special provision for determining the full value of consideration in cases of transfer of immovable property. It provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government
Section 50C will get attracted only when there exists difference on the sale consideration and assessed value for the purpose of stamp duty by the authority of a state government. Where there is no material evidence that the assessee had received more than the fixed component from the developer,
ITAT Hyderabad held In the case of Shri Mohd. Imran Baig & others vs. ITO that it is now settled in favour of the assessee by the decisions of the Hon’ble Supreme Court in the case of Sanjeev Lal and Smt. Shantilal Motilal V/s. CIT (365 ITR 389)
ITAT Jaipur held In the case of ITO vs. Tara Chand Jain that the right in land cannot be equated with the land or building. Therefore, it is concluded that section 50C is applicable to transfer of capital asset only in respect of land or building or both and is not applicable to right in land. In the present case
ITAT Held in ITO vs Tara Chand Jain that the amendment in sec 50C which inculcates word assessable would have prospective effect from the date of its insertion i.e from 01-10-2009 and would not have retrospective effect on the sale of property before 01-10-2009
Punjab & Haryana High Court in case of B.M.J Real Estate P. Limited held that where the consideration received or accrued as a result of transfer of capital asset being the land or building is less than the value adopted or assessed by the stamp valuation authorities
The Assessee sold immovable property for a sale consideration of Rs.13,70,000/-. The stamp duty valuation price was Rs.17,90,085/-. Accordingly AO invoking the provision of section 50C made addition on account of short-term capital gain.
Taxation whether direct or indirect in real estate sector always been a very critical issue due to different nature of this sector. In the recent past, there has been made lots of various provisions in the different tax laws to bring various activities, income, charges or fee etc. under tax regime.
Impugned order has been passed by the Ld. CIT under section 263 without considering the explanation offered by the assessee and without applying his mind. The failure of the Ld. CIT, however, does not constitute any legal infirmity to make the order passed by him under section 263 invalid
In the case of Masud Ahmed Qureshi v ITO it was held by ITAT Pune that whenever, there is a dispute regarding the valuation u/s 50C, it would be better to refer the matter to the Valuation Officer so that the proper report could be furnished regarding it.
