Income Tax : Explore the implications of the PCIT Vs I.A. Hydro Energy case regarding loan conversion to equity under Section 56(2)(viib) of th...
Income Tax : The issue involves a subscription amount of Rs. 1 Crores, with a dividend rate of 0.10% over a tenure of 20 years. This brief exam...
Income Tax : Unlock the complexities of development rights and their tax implications under India's Income Tax Act, 1961. Delve into Section 56...
Income Tax : Budget 2023 brings non-resident investors within the ambit of section 56(2)(viib) of the Act to eliminate tax avoidance possibilit...
Income Tax : Thereafter, PCIT called for the assessment records and examined the proceedings. CIT(A) after going through the case records and a...
Income Tax : Assessee, aggrieved by the decision, appealed to the CIT (Appeals), who dismissed the appeal and upheld the decision of AO. Assess...
Income Tax : ITAT Delhi held that the interest on compensation or on enhanced compensation cannot be considered as compensation and shall be ch...
Income Tax : ITAT Ahmedabad held that addition u/s. 56(2)(vii)(b)(ii) of the Income Tax Act justified due to difference stamp duty value of the...
Income Tax : ITAT Ahmedabad held that disallowance under section 56(2)(viib) of the Income Tax Act sustained due to wide fluctuation in value o...
ITAT Indore held that the deeming fiction created in section 50C cannot be extended to the provision of section 69 or 69B or any other of the Act in the case of purchaser to make the purchaser liable for tax.
ITAT Surat held that gift received from HUF cannot be added back to the total income of the assessee being Karta (Manager) of such HUF.
ITAT Delhi held that discounted cash flow method is the recognized method as per section 56(2)(viib) of the Income Tax Act read with rule 11UA of the Income Tax Rules.
ITAT Ahmedabad held that revisional power under section 263 of the Income Tax Act correctly invoked as AO failed to examine the issue of purchase of land in the light of provisions of section 56(2)(vii)(b) of the Income Tax Act.
ITAT Delhi held that provisions of Section 56(2)(vii)(b) of the Income Tax Act Act which were introduced in the Act by Finance Act, 2010 cannot be given retrospective effect.
Budget 2023 brings non-resident investors within the ambit of section 56(2)(viib) of the Act to eliminate tax avoidance possibilities.
Bharat Keshavlal Shah Vs PCIT (ITAT Pune) Lastly comes the issue of section 56(2)(vii) made applicable in assessee’s case on account of alleged difference between stamp valuation and actual purchase consideration qua the sale deed executed in the relevant previous year. A perusal of the said sale deed dated 31.12.2013, and more particularly, the schedule […]
ITAT held that provisions of section 56(2)(viia) of are applicable only in cases where purchased share become property in the hands of buyer company and, if shares are of any other company.
ITAT Visakhapatnam held that civil suit is filed before the Hon’ble District Judge accordingly the matter is squarely covered as exception as per proviso to section 56(2)(vii)(b) of the act and accordingly we hold that there is no case for invoking the provisions of section 56(2)(vii)(b).
