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Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Reopening u/s 147 - Applicability of Section 50C on sale of ...

Income Tax

April 5, 2019

Reopening u/s 147 - Applicability of Section 50C on sale of Stock in trade - reasons show narration of provisions which were not applicable on assessee to the assessment year in question - notice of reopening of assessment is set aside

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  1. Applicability of section 50C of the Income tax act on trading transaction of sale and purchase of land - Section 50C is not applicable during the relevant assessment year - HC

  2. Applicability of section 50C - Capital gain - Sale of right in land/contingent right - proof of transfer of capital asset - Section 50C is also applicable on lease hold...

  3. Sale consideration - sale of shops held as stock in trade - Section 50C does not apply to the present case as it applies only to a case of capital gains - HC

  4. Applicability of Section 50C of the Act - sale of development rights are not subject to section 50C i.e stamp valuation - AT

  5. Validity of Reopening of assessment u/s 147 - while recording the reasons, the AO has considered the relevant facts like issue of stock in trade, the way in which the...

  6. Reopening of assessment u/s 147 - reasons to suspect OR reasons to believe - Power u/s 147 cannot be exercised merely on reason of suspicion but there should be reason to believe.

  7. Sale of immovable property held in stock - Difference between market value and actual sale price treated by AO as unexplained income - applicability of section 50C on...

  8. Reopening of assessment u/s 147 - reason to believe - the Ld. AO has absolutely changed his view which was formed initially and which was formed while concluding the...

  9. Reopening of assessment - Applicability of section 145A - valuation of closing stock - Not open for AO to reexamine the entire issue which would be merely on the change of opinion.

  10. When reopening u/s 147/148 under the given circumstances is itself not permissible, the AO is not empowered to review the applicability of section 10BA - AT

 

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