Tag: section 48
Disallowance towards land filling expenses was right as except contractor bills no other evidence was produced – ITAT In a recent judgment, ITAT has confirmed the disallowance towards land filling expenses as except contractor bills no other evidence was produced showing how the property was made beneficial with …
Consideration used in section 48 does not have any reference to market value but only to consideration referred to in sale deeds as sale price of assets ABCAUS Case Law Citation:ABCAUS 3791 (2023) (08) ITAT Important Case Laws relied upon:Commissioner of Income tax vs Gillanders Arbuthnot & Co. …
Sale of property mortgaged to bank liable to capital gain tax. Encumbrance created as a guarantee by assessee not deductible u/s 48 of Income Tax Act, 1961 ABCAUS Case Law Citation: ABCAUS 2875 (2019) (04) HC Important Case Laws Cited/relied upon by the parties M. Arunachalam V. CIT, …
Damages paid for violation of agreement to sell allowed as incurred in connection with the transfer of property for computing long term capital gains-High Court The question framed by the Hon’ble High Court was as to whether the ITAT, was correct in holding that the amount paid by …