2014 (3) TMI 506 - ITAT HYDERABAD
The Income Tax Officer Versus Smt. Chitti Parvatha Vardhanamma, Hyderabad
Valuation of property - Addition made on the basis of the value of the property adopted by the SR for stamp duty purposes – Held that:- The factors cannot be acted upon by the authorities for the reason that section 50C is a deeming section - Any rel ......
2014 (3) TMI 356 - ITAT CHENNAI
Shri. C. Sugumaran Versus The Assistant Commissioner of Income Tax
Sale of property – Power of Attorney (POA) was cancelled - assessment in the hands of assessee as an agent or as property owner - Assessment of capital gain u/s 50C of the Act – Fair market value of the property for the purpose of indexation – whethe ......
2014 (3) TMI 294 - ITAT DELHI
Deputy Commissioner of Income Tax Versus M/s Mani Capital Limited
Deletion of disallowance of interest – Interest free advance given – Held that:- The CIT(A) has recorded the finding that the advances were for the purpose of business because the assessee is in the business of real estate, share trading etc. and the ......
2014 (3) TMI 288 - ITAT MUMBAI
Asha Khatiwala Jayshree Versus ITO-2(3) (2), Mumbai
Nature of Asset - Whether the development arrangement entered into by the owners is in furtherance of their business activity of real estate development or is only toward realizing a capital asset - No capital gains arises to the assessee prior to A. ......
2014 (3) TMI 263 - ITAT HYDERABAD
Lt. Col. PRS. Rao (Retd) Versus Income Tax Officer
Determination of fair market value of the property for the purpose of computation of capital gains – Held that:- The assessee has not been able to submit any evidence or any material to show that the FMV adopted by him, is the actual market value of ......
2014 (3) TMI 255 - ITAT KOLKATA
M/s. Cellica Developers Pvt. Ltd. Versus Deputy Commissioner of Income Tax
Deletion made u/s 14A of the Act – Held that:- Rule 8D(1) specifically states that determination of disallowance under Sub-Rule (2) can be done only when Assessing Officer is not satisfied with the correctness of the claim of expenditure made by the ......
2014 (3) TMI 179 - ITAT AGRA
Dy. Commissioner of Income Tax-1 Versus Smt. Urmila Bansal
Deletion of Penalty u/s 271(1)(c) of the Act – Valuation u/s 50C of the Act – Inaccurate particulars furnished for income of LTCG – Held that:- The assessee has duly disclosed not only the consideration actually received by her but also the fact of a ......
2014 (3) TMI 62 - ITAT DELHI
Nexus Clothing Company Versus ITO, Ward-33(1), New Delhi
Addition made on account of profit on sale of property - Application of section 50C - stamp valuation - Held that:- The decision in CIT Allahabad and Anr vs. Chandra Narain Chaudhri [2013 (9) TMI 646 - ALLAHABAD HIGH COURT] followed - CIT (A) has cor ......
2014 (2) TMI 1106 - ITAT CHENNAI
Mr. Bhawarlal Jawantraj Marlecha Versus The Deputy Commissioner of Income Tax
Valuation of the property - Property sold by the assessee – Held that:- There is lot of variation on the guideline value furnished by the Sub-Registrar and adopted by the Assessing Officer to that of the value adopted by the assessee of registered va ......
2014 (2) TMI 1028 - ITAT MUMBAI
The Income Tax Officer Versus Smt. Champaben C. Patel
Applicability of Section 50C of the Act - Whether the provisions of section 50C of the Act are applicable or not to the sale of development rights – Held that:- The decision in The decision in ITO Versus SHRI CHANDULAL P PATEL [2013 (12) TMI 946 - IT ......
2014 (2) TMI 897 - DELHI HIGH COURT
Commissioner of Income Tax-X Versus Shri Kishan Dass
Valuation u/s 50C of the Act – application of circle rate on leasehold rights - Held that:- The contrast in language, given that Section 50C is a specific provision, which seeks to enact a presumption is significant - The valuation of the concerned S ......
2014 (2) TMI 834 - ITAT JODHPUR
Income-tax Versus Shiv Kumar Rangwani
Adoption of amount as valuation of the second property – Valuation of property u/s 50C(2) of the Act - The AO has not considered and appreciated the provisions of section 50C of the Act in its correct perspective - the value adopted or assessed by an ......
2014 (2) TMI 744 - ITAT AHMEDABAD
Assistant Commissioner of Income-tax Versus Mohanbhai N. Turakhiya & Others
Nature of Profit - Whether the profit on sale of this property is business profit or capital gain – Held that:- The basis adopted by the CIT(A) for holding that the profit on sale of land in question is assessable as business profit is not proper - S ......
2014 (2) TMI 678 - ITAT INDORE
Jai Kumar Chawla And Gaurav Chawla Versus Income-tax Officer
Computation of capital gains as per Section 50C of the Act - Legality of reference made by the Assessing Officer u/s 55A to the DVO – Held that:- As per provisions of Section 55A when the Assessing Officer finds that value of the asset as claimed by ......
2014 (2) TMI 459 - ITAT LUCKNOW
Pawan Kumar Agarwal Versus Assistant Commissioner of Income-tax
Addition made u/s 50C of the Act – Capital gain – Held that:- The CIT(A) has not adjudicated the issue properly in the light of correct facts - He should have looked into the contentions of the assessee raised through his affidavit clarifying the fac ......