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 : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...
Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...
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 : ITAT Nagpur held that the provisions of section 56(2)(vii) (b)(ii) of the Income Tax Act came into statute by Finance Act 2013 w.e...
Income Tax : Bombay High Court rules that Section 50C of the Income Tax Act applies to the transfer of capital assets held under leasehold righ...
Income Tax : ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actua...
Income Tax : ITAT Pune condones delay in appeal by Vaibhav Surve, remands case for reassessment of capital gains on land sale under Section 50C...
Income Tax : ITAT Kolkata held that provisions of section 56(2)(x) of the Income Tax Act were inserted by Finance Act, 2017 and effective only ...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
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.
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%.
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
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.
Prabha Anil Gandhi vs. ADIT (ITAT Mumbai): ITAT rules on CPC’s jurisdiction, Section 50C adjustments, and processing under section 143(1).
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.
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 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 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.
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.
