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 : Income-Tax Implications for the Sellers, if any Immovable Property is Sold for a consideration less than Stamp Duty Value...
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 : Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 5...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
Income Tax : ITAT Pune ruled on capital gains in Smt. Vimal Baburao Jadhav Vs ITO. The Tribunal held Section 50C inapplicable, recalculating LT...
Income Tax : Bombay High Court holds that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenueâ€...
Income Tax : ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s app...
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 amendment to provisions of section 50C(1) of the Income Tax Act is retrospective in nature and hence the value adopted or assessed or assessable by the Stamp Valuation Authority on the date of agreement has to be taken for the purpose of full value of the consideration.
ITAT Mumbai held that provisions of Section 43CA of the Income Tax Act are effective only from 1st April 2014. Accordingly, the same are not applicable when part payment was received in 2010.
ITAT Ahmedabad held that the provision of section 50C of Act cannot be made applicable to transaction of capital assets transferred by assessee to a partnership firm by way capital contribution. Such transaction falls under the provision of section 45(3) of the Income Tax Act.
ITAT Kolkata rules in favor of Southern Road Carriers Ltd, stating the Assessing Officer was not justified in making tax additions based on stamp duty value. Get the full case analysis.
ITAT Mumbai in ITO vs Mahavir Enterprises case held that consideration paid by assessee, being higher/successful bidder, of e-tender floated by bank is fair market value of property
ITAT Mumbai held that in terms of General Clauses Act, 1897 period of six month mentioned in Section 54EC of the Income Tax Act has to be regarded as six British Calendar months.
ITAT Mumbai held that deduction claimed u/s. 80P(2)(d) of the Income Tax Act cannot be denied by invoking another sub-section of 80P. Accordingly, disallowance of deduction claimed u/s 80P deleted.
Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, and reporting obligations.
ITAT Mumbai held that addition towards lower commission charged by Jetair Pvt. Ltd. to Jet Airways (India) Ltd. on account of Online Reservation Commission by applying arm’s length price not sustained as the transaction was neither international transaction nor a specified domestic transaction and hence transfer pricing provisions doesn’t apply.
Read about the ITAT Jaipur decision in Ajay Kumar Jain vs ITO case, allowing 25% reduction in DLC Rate due to land use restrictions. Section 50C addition deleted. Analysis and conclusion included
