2014 (1) TMI 1309 - ITAT DELHI
Smt. Mini Jain, SK. Jain Distributors Versus ITO, New Delhi
Compliance of the provision of Section 50C of the Act - Error in adopting circle tare as per section 50C of the Act Reference to the valuation officer not made - Value adopted exceeds the fair market value of the property - Deemed value of sale con ......
2014 (1) TMI 1230 - ITAT MUMBAI
Shri Nadeem Yunus Abdul Gaffar Fazlani Versus ACIT, Central Circle-44, Mumbai
Applicability of section 50C of the Act Addition made in sale consideration Nature of payment made - Assessee is a shareholder in company along with other shareholders and sold his shares for a consideration Held that:- The decision in Irfan Ab ......
2014 (1) TMI 973 - ITAT MUMBAI
M/s. Yes Associates Shree Sai Dham Versus Income Tax Officer, Mumbai
Suppression of sales consideration - Held that:- The AO has taken the stamp value of property as determined by the stamp valuation authority - There was made no actual verification of the carpet area of the flats in question but the same was increase ......
2014 (1) TMI 923 - ITAT MUMBAI
Jamshed E. Bapasola Versus ACIT-16(2), Mumbai
Adoption of full value of consideration u/s 50C of the Act Held that:- The value determined by the valuation officer on reference made to him under section 50C(2) of the Act is binding on the AO - the provisions of section 50C and section 55A are o ......
2014 (1) TMI 442 - ITAT DELHI
SHRI ANIL KUMAR JAIN Versus INCOME TAX OFFICER
Reference to the valuation officer not made u/s 50C(2) of the Act - Value adopted by valuation authority exceeds the fair market value of the property Held that:- Relying upon Meghraj Baid. Versus Income-Tax Officer. 2008 (2) TMI 476 - ITAT JODHPUR ......
2014 (1) TMI 349 - ITAT CHENNAI
Ms. Gayathri Viswanathan L/H of Late ME. Duraiswamy Versus The Additional Commissioner of Income Tax
Applicability of Section 50C of the Act Held that:- CIT(Appeals) considered the issue whether section 50C is prospective or retrospective - the actual dispute is the date of transfer of the property for determination of fair market value - The CIT( ......
2014 (1) TMI 239 - ITAT RAJKOT
Shri Mansukhlal Ghelabhai Doshi, Chandulal Buch Versus The ACIT, Circle-2, Rajkot
Valuation of property - Held that:- As per section 50C(2) of the Act - Where the assessee claims that the value adopted or assessee for stamp duty purposes exceeds the Fair Market Value (FMV) of the property as on the date of transfer, and he has not ......
2014 (1) TMI 192 - ITAT MUMBAI
Suresh C. Mehta Versus Income-tax Officer, Ward - 13(2) (1), Mumbai
Rectification of Mistake u/s 143(3) r.w Section 254 of the Act Quantum of assessment challenged Adoption of fair market value of the property Held that:- For the purpose of section 50C, the Assessing Officer has adopted the value determined by ......
2014 (1) TMI 101 - ITAT HYDERABAD
Smt. Farida Alladin Versus Asst. Commissioner of Income-tax
Cost of acquisition - Held that:- The assessee has acquired the property on on account of succession, the cost of acquisition would get restricted only to that in the hands of his ancestors, which excludes the cost of any encumbrance created by them ......
2014 (1) TMI 80 - ITAT HYDERABAD
Smt. Maniza Jumabhoy Versus Asst. Commissioner of Income-tax
Cost of acquisition - succession or inheritance - cost of improvement - Held that:- Following Salay Mohamad Ibrahim Sait v. ITO [1994 (5) TMI 18 - KERALA High Court] - The capital asset had become the property of the assessee by succession or inherit ......
2013 (12) TMI 946 - ITAT MUMBAI
ITO Versus SHRI CHANDULAL P PATEL
Stamp duty valuation - stock in trade - Held that:- The assessee has disclosed the property in trial balance for all the years from 2000-01 to 2005-06 as part of stock in trade - The assessee was in the business of construction and development rights ......
2013 (12) TMI 904 - ITAT CHENNAI
Income Tax Officer Versus Shri Yogesh B. Sanghvi
Applicability of section 50C - Held that:- Following ACIT Vs. P.R.Chockalingam [2012 (4) TMI 417 - ITAT CHENNAI] - The value of the property should be determined at the time of handing over of possession of the property and not at the time of registr ......
2013 (12) TMI 721 - ANDHRA PRADESH HIGH COURT
J ANJANEYA SHARMA Versus COMMISSIONER OF INCOME TAX-V
Whether land and building are to be treated as separate assets for the purpose of section 50C - Held that:- The interpretation of Section 50C of the Act is ascertained by the Court - On analysis of sub-section (1) it appear that there must be a trans ......
2013 (12) TMI 605 - DELHI HIGH COURT
Commissioner of Income Tax VII Versus Hanuman Prasad Ganeriwala
Understatement of sale consideration - Held that:- The Tribunal has referred to the material produced by the assessee before the Assessing Officer, which included other contemporaneous sale deeds, copy of valuation certificate issued by the registere ......
2013 (12) TMI 548 - ALLAHABAD HIGH COURT
Bhuvnesh Kumar Shrotiya Versus Income Tax Officer
Whether valuation made by AVO instead of DVO is liable to be rejected - Held that:- Inspite of clear directions for an estimation of the value of the property to be made by the DVO, if the valuation is more than Rs. 50 lacs, the report was submitted ......