Addition applying the provisions of section 50C - Once the ...

Income Tax

August 20, 2021

Addition applying the provisions of section 50C - Once the assessee has raised the objection against the adoption of deemed full value consideration in terms of section 50C of the Income Tax Act, the Assessing Officer is duty bound to refer the matter to the DDO for determination of the fair market value of the property in terms of section 50C(2) of the Income Tax Act. Since, the Assessing Officer has not taken any step to determine the fair market value, matter restored back - AT

View Source

← Previous Next →

Addition applying the provisions of section 50C - Once the ...

Income Tax

August 20, 2021

You may also like:

Section 50C applies to the seller i.e. transferor of the capital asset being land or building or both - the transferee or the purchaser is outside the scope of these...

Provisions of section 50C do not apply where transaction were entered into before 1.4.2003 but executed after 1.4.2003.... - AT

Sale of property - adoption of value as per stamp value u/s 50C - applicability of provision of section 50C to section 69 - AO should have referred the issue of...

Addition u/s 56(2)(x) - sale of flats - difference between the value taken by the assessee and the fair market value (FMV) u/s 50C - The ITAT found that the value...

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

Proceedings u/s 158BD - Recording of satisfaction - not raising any objection in the first instance by the Assessee is fatal - decided against assessee

Computation of capital gain - 'real' capital gains V/S presumptive capital gains - Assessee cannot be denied an opportunity to raise his objections even against the...

Capital gain computation - addition invoking the provisions of the Section 50C - the legislature used the words and expressions in Section 50C of the Act consciously to...

Correct head of income - transfer of property as stock in trade - Valuation - Application of provisions of section 50C - the AO and CIT(A) erred in applying provisions...

Capital gain computation - applicability of the provisions of section 50C - Relevant date - the provisions of section 50C of the Act adopting the value for stamp duty...

Quick Updates: