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...
Emphasising the principle against double taxation, the Tribunal held that amounts taxed in members’ hands cannot again be assessed in the society’s hands, subject to factual verification.
The issue was whether an assessment can continue after the assessee’s death. The Tribunal held such an order void ab initio when the legal heir is not substituted.
The AO questioned genuineness and love and affection behind the gift. The ITAT held that once relationship and capacity are proved through documents, no addition can survive.
The issue was whether an appeal could be dismissed solely for delay without examining merits. The Tribunal held that where delay is bona fide, technical rejection is improper and the matter must be decided on merits.
The tribunal ruled that Section 50C could not apply because the DVO’s valuation ignored the impact of tenants and owner-occupied units. The key takeaway is that incorrect valuation methodology invalidates deemed consideration adjustments.
The Tribunal held that assignment of a life interest under a trust does not amount to transfer of land or building. Since only a limited, determinable right was transferred, Section 50C could not be invoked.
The tribunal held that land registered in an individual’s name but fully paid by a society amounts to receipt of property without consideration. Such benefit is taxable as income under section 56(2)(vii).
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.
