Income from other sources u/s 56(2)(vii) - ancestral property ...

Income Tax

June 2, 2021

Income from other sources u/s 56(2)(vii) - ancestral property transaction - property was already acquired on power of attorney from the original/legal owners - it is opined by the CIT(A) that the land was not a fresh purchase. Hence, deleted the additions raised in view of the provisions u/s 56(2)(vii)(b) - Order of CIT(A) confirmed - AT

View Source

← Previous Next →

Income from other sources u/s 56(2)(vii) - ancestral property ...

Income Tax

June 2, 2021

You may also like:

Addition u/s 56(2)(vii)(b)(ii) - FMV of property - The events subsequent to the transaction of “transfer” of the immovable property under consideration will have no...

Addition u/s 56(2)(vii) - real owners - partners v/s firm - property purchased by assessee-partner less than guideline value of the property - applying purposive...

Deemed income from purchase of shares - purchases at lower price than FMV - addition u/s 69 OR u/s 56 (2)(vii)(C) - asset that has been transferred in this transaction...

Addition u/s 56(2)(vii)(b) - purchase of immovable property on less than stamp duty value - it was incumbent upon the AO to refer the matter to the District Valuation Officer

Addition u/s 56(2)(vii)(b) - AO referred the valuation of property to Valuation Cell and DVO - difference between the DVO value and consideration paid for purchase of...

Addition u/s 56(2)(vii)(b) - receipt of property through general power of attorney without consideration - it cannot be said that the assessee received the property as...

Addition made u/s 56(2)(vii)(b)(ii) on account of purchase of immovable property - inadequate consideration - Once the transaction of purchase of property in question is...

Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

Addition u/s 56(2)(vii) - relevant Section 50C cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a...

Addition u/s 56(2)(vii)(b) - Whether property acquired by the assessee was not a capital asset? - where the agricultural land doesn’t qualify as falling in the...

Quick Updates: