Tag: Section 50C
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 …
Revision 263 for non application of section 50C. The order of the AO was held not only erroneous but also prejudicial to the interest of Revenue – ITAT ABCAUS Case Law Citation: ABCAUS 1250 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed …
50C provisions not apply to transfer of right in partnership firm. Sale deed was executed in favour of incoming partners for transferring retiring partner’s right in the property belonging to the partnership firm-ITAT ABCAUS Case Law Citation: ABCAUS 1070 (2016) (12) ITAT Assessment Year: 2011-12 Date/Month of Judgment/Order: …
FMV-No approach road and weaker sections society in colony. DVO directed to give 30% adjustments in calculating fair market value for disadvantages-ITAT Hyderabad Case Law Details: ITA.No.1782/Hyd/2011 Assessment Year 2008-2009 Smt. M. Nagarathnamma Madanapalle vs. Income Tax Officer date of Judgment/Order: 13/05/2016 Brief Facts of the Case: During …
