Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Dy. Commissioner of Income Tax 1 (1) , Mumbai Versus M/s Shree Aditya Finwealth Pvt. Ltd.

Sale consideration determined by Stamp Duty Authority for value determined by DVO - Held that:- We have observed that for the purpose of computation of capital gain, the full value of consideration received has to be taken based upon the actual value of sale of property which is higher than the stamp duty value in accordance with the provisions of section 50C of the Act. In this case the full value of the property is comprised of land and building amounting to ₹ 40 crores while the stamp d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ant Member For the Petitioner : Shri Ramachandran For the Respondent : Shri K. Gopal ORDER Per Ramit Kochar, Accountant Member This appeal, filed by the Revenue, being ITA No. 5133/Mum/2014, is directed against the order dated 30.05.2014 passed by learned Commissioner of Income Tax (Appeals)- 1, Mumbai (hereinafter called the CIT(A) ), for the assessment year 2009-10. 2. The ground raised by the Revenue in the memo of appeal filed with the Tribunal reads as under:- 1. Whether on the facts and in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

usiness of textile manufacturing. During the financial year relevant to A.Y. 2009-10 the assessee company has sold a property comprising land and structures. An agreement for sale has been entered into with assessee and M/s Future Communications Ltd. on 24.12.2008 for a total consideration of ₹ 40 crores. The assessee was the owner of the premises and structures as on the date of sale agreement. The property was situated at Mohili, Village Mohili, Safed Pool, Kurla Andheri Road, Andherti ( .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s The assessee has declared long term capital gain on the land and short term capital gain on the structures. The A.O. made reference to the DVO for determination of the fair market value of the property in accordance with the provisions of section 55A of the Act. The DVO submitted the fair market value at ₹ 40,60,99,000/- for which the break up as under:- Value of land ₹ 38,08,30,000/- Value of structures ₹ 2,52,69,000/- The assessee was show caused as to why adverse inference .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eceived was much more than the stamp duty valuation. The assessee protested against the reference made to the DVO. The assessee relied upon the decision of the ITAT in the case of ITO v. Chandrakant R Patil and Others (2011) 56 DTR (Ahd) (Trib) 449 and Jayshankar S. Vaid v. DCIT (2010) 35 SOT 46 (Ahd) and submitted that reference can be made for valuation u/s 55A of the Act to ascertain the fair market value of the property and not the consideration. The assessee requested to consider the agreem .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n 16A(1) to(6) of the Wealth Tax applies and the A.O. can complete the assessment in conformity with the estimate of the Valuation Officer. Hence, assessment was completed after taking into consideration as assessed by the DVO. Aggrieved, the assessee filed its first appeal before the ld. CIT(A). 4. Before the ld. CIT(A), the assessee contested the addition made on this issue and submitted that for determination of fair market value of the land and structure the approved valuer was appointed and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion as contained under section 53C of the Act is met but in the instant case full value of consideration is taken higher of stamp duty valuation. The value of the structure was valued by the Government valuer. The valuation of the structure is valued after its demotion. The DVO valued after demolition was completed based upon the future value of the structure. Thus the assessee submitted that reference to section 55A to the DVO was illegal and bad in law as ascertaining the fair market value of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f Jayshankar S. Vaid v. DCIT, 355 SOT 46 (Ahd) (2010). The ld. CIT(A) after considering the submission of the assessee noted that the assessee has declared LTCG of ₹ 30 crores on sale of land and STCG of ₹ 2 crores on structures as per the assessment order. The A.O. has referred the section 55A of the Act. The DVO has determined the value of land at ₹ 38,08,30,000/- and value of structure at ₹ 2,52,69,000/-. The assessee has objected to the A.O. in making the additions in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rty which comprises land and structure thereon vide agreement dated 24.12.2008 for a total consideration of ₹ 40 crores while the stamp duty valuation ie ₹ 25,14,76,226/-. The income gained from the sale of land has been offered to tax as LTCG while the income from gain of building as STCG. The break up offered by the assessee is ₹ 38 crores for land and ₹ 2 crores for building. The A.O. has referred the matter to DVO whereby the value of land determined at ₹ 38,08, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

News: Notification Issued For GST Actionable Claim On Branded Food Products

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Forum: Duty Drawback- Urgent

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Forum: GST Invoice

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

News: GST implementation smoother than expected: Jaitley

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

Forum: 3B mistake

Forum: Input tax credit

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force

Notification: Companies (Restriction on number of layers) Rules, 2017

Highlight: Penalty u/s 271(1)(c) - additional income disclosure - surrender of income post survey u/s 133A - he disclosure made by the assessee is voluntary in nature, in the revised return - no penalty

Highlight: Reopening of assessment - notice u/s 148 issued on the directions of JCIT / CIT - a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions u/s 147

Highlight: MAT - Adjustment to book profit - computation u/clause (f) of Explanation-1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A r.w.Rule 8D of I.T. Rules.

Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version