Capital gain computation - CIT(A) determined the sale ...

Income Tax

April 19, 2021

Capital gain computation - CIT(A) determined the sale consideration on the basis of Form 26AS - Section 53A of the Transfer of Property Act expressly requires that the contract must be in writing by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty. Thus s. 53A does not recognize an oral contract. The writing is an essential sine qua non for the applicability of the doctrine of part-performance. The lower authorities must have considered the relevant sale deed so as to compute the correct value of sale consideration and during the year of assessment. - Being so, the assessment framed on the basis of Form 26AS is set aside. - AT

View Source

← Previous Next →

Capital gain computation - CIT(A) determined the sale ...

Income Tax

April 19, 2021

You may also like:

Capital gain/ loss on sale of property - unregistered sale agreement - whether it constitute valid transfer under section 53A of Transfer of Property Act - There is no...

Capital gain - JDA - transfer of capital asset u/s 2(47) - There is no document by which the revenue can come to the conclusion that there was delivery of possession....

Capital gain - transfer u/s 2(47) - unregistered JD agreement - appellant had not received any consideration - since an unregistered agreement involving the transfer of...

Capital Gain - Transfer of capital asset u/s 2(47) - year of assessment - since the property was actually transferred in A.Y. 2013-14 the computation of short-term...

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...

Transfer of property and accrual of capital gain - Year of transfer of capital asset - Agreement to sell - It is not the case of the AO that the provisions of sec. 53A...

Capital Gains - transfer by mere agreement - the transfer of the above stated property took place only in AY 2011-12, when assessee has declared the capital gain...

Joint development agreement - Assessment of capital gain for Asst. Year 2007-08 - transfer of property - held as transfer - liable to capital gain - AT

Capital gain on JDA - Transfer u/s 2(47) - There was no transfer of property under this JDA. Also without accrual of construction to the assessee, assessee was not...

Long Term Capital Gain on sale of lease hold property by the assessee - provisions of section 50C of the Act cannot be invoked in respect to the transfer of leasehold rights - AT

Quick Updates: