Revision u/s 263 by CIT - Wrong Capital gain computation as AO ...

Income Tax

February 21, 2022

Revision u/s 263 by CIT - Wrong Capital gain computation as AO not examined the transaction by the angle of section 50C - in our considered view the view taken by the AO in accepting the capital gain/loss on capital contribution of (03)three pieces of land is not erroneous. Therefore, the twin condition as enunciated under section 263 of the Act is not made out in the present case, thus, the order passed by the ld. PCIT is set-aside - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Wrong Capital gain computation as AO ...

Income Tax

February 21, 2022

You may also like:

Revision u/s 263 by CIT - addition u/s 40A ignored by AO - expenses have been incurred in cash exceeding Rs. 20,000/- per day - AO is expected to examine the provisions...

Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

Revision u/s 264 - computation of income from capital gains - Although, there is a detailed discussion with regard to the nature of the transaction, as to whether it is...

Long-term capital gain - cost of acquisition - capital gain worked out by the DVO - They have calculated the long-term capital gain simply by taking into consideration...

Revision u/s 263 by CIT - Capital gain computation - the out of 100 % sales consideration 95.36 % is offered as capital gain and the claim of the assessee is less than 5...

Revision u/s 263 by CIT - Capital gain computation - where the purchase of land & building and sale of land & building are covered under a single deed of purchase &...

Revision u/s 263 - LTCG on sale of properties - property had been sold in piecemeal in 14 transactions - stock-in-trade or capital asset - Whether to accept the...

Revision u/s 263 by CIT - When the case of the assessee was selected under CASS to examine the capital gains then the AO was required to examine the case meticulously on...

Disallowance of capital gains - AO was wrong in treating this transaction as ‘income from other sources’ and making disallowance u/s 68, instead of capital gains as...

Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender...

Correct head of income - business profit or Long Term Capital Gains - GPA was restricted to the extent of builder’s right at 73.33% of the land and that portion allotted...

LTCG or STCG - Sale of ground floor of residential unit - whether it give rise to long term capital gains or short term capital gains - Computation from period of...

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Transaction of shares - capital gain or business income - AO has not come to finding whether the assessee has carried out repetitive transactions of same share - treated...

Computation of Capital Gains - Exclusion of the portion of the sale consideration that was never received - The High court found that the real income (capital gains)...

Quick Updates: