Tag: Section 56(2)(x)

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 …

Exemption from deeming provisions of section 56(2)(x). Rule 11UAC amended to include more exclusions apart from unauthorised colony in NCT of Delhi MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)   NOTIFICATION   New Delhi, the 29th June, 2020   G.S.R. 421(E).—In exercise of the powers conferred …

Addition u/s 56(2)(ii) deleted as Law cannot operate in vaccum de-horse ground realities though deeming section not requires any incriminating material   ABCAUS Case Law Citation:ABCAUS 3270 (2020) (02) ITAT Section 56(2) of the Income Tax Act, 1961 (the Act) is a deeming provision which creates an artificial …

Notified unauthorised colony in National Capital Territory of Delhi to be exempted from deemed taxation under section 56(2)(x) of Income Tax Act 1961 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 96/2019 New Delhi, the 11th November, 2019 G.S.R. 836(E).— In exercise of the powers …