Tag: Section 50C

ITAT upheld disallowance of security guard expenses as deduction from capital gain arising from sale of plot In a recent judgment, the ITAT Jaipur has held that security guard expenses to protect the Plot from trespassing by miscreants claimed by the assessee as deduction towards capital gain was …

Amendment to section 50C w.e.f. 01.04.2019 was to apply retrospectively w.e.f. 01.04.2003, when the section 50C was brought into statute – ITAT In a recent judgment, ITAT Agra deleted addition made u/s 56(2)(viib) holding that amendment to section 50C brought into the Act by finance Act, 2018 w.e.f. …

Adjustment under Section 50C of the Act is not possible in processing of return under section 143(1) of the Income Tax Act, 1961 – ITAT In a recent judgment, ITAT Guwahati has held that adjustment under Section 50C of the Income Tax Act, 1961 is not possible within …

Disallowance u/s 50C can not be made by CPC by adjustment u/s 143(1) as it infringes statutory right of objection provided in section 50C – ITAT ABCAUS Case Law Citation:ABCAUS 3745 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

Section 50C of not apply to transfer of leasehold right in plot of land – ITAT allowed appeal following High Court order ABCAUS Case Law CitationABCAUS 3429 (2020) (12) Important case law relied upon by the parties:CIT vs. Greenfield Hotels and Estates Pvt. Ltd 89 ITR 68Noida Cyber …

Income Tax Relief to home buyers from deeming fiction u/s 43CA and 56(2)(x). Difference limit between circle rate & purchase price increased to 20 per cent  Section 43CA of the Income Tax Act, 1961 (the Act) lays down special provision for full value of consideration for transfer of …

Capital gain addition u/s 50C for unauthenticated cuttings in sale deed for amount of sale consideration remanded back for obtaining copy from the Registering authority ABCAUS Case Law Citation: ABCAUS 2655 (2018) (11) ITAT The instant appeal was filed by the assessee against the order of the Commissioner …

Section 50C not apply to sale of right in property-ITAT deleted addition as what was sold was right in property not land or building ABCAUS Case Law Citation: ABCAUS 2398 (2018) 07 ITAT The appellant assessee had challeneged the order passed by the CIT(A) in upholding the addition …

Section 50C was not applicable on sale of property to tenant who occupied it on a meager rent for fifty years which itself amounted to encumbrance on the property-ITAT The Appellant assessee had filed the instant appeal challenging that the Assessing Officer (AO) had wrongly and illegally calculated …

Section 50C not applicable to cold storage building so to substitute actual sale consideration by deemed sale consideration and order of AO cannot be revised u/s 263 – ITAT  ABCAUS Case Law Citation: ABCAUS 2232 (2018) (03) ITAT The assessee was aggrieved by the order passed under section …