Addition in view of the Provisions of section 50C on the Gift of ...

Income Tax

April 6, 2024

Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other company can be genuine, considering the fact that the company is an Artificial Judicial Person and the element of “natural love and affection” cannot be exist - The department made an addition under Section 50C regarding the gift of plots. The appellant argued that the transfer of property act allows for such gifts, and cited relevant legal provisions and case law. The appellate tribunal upheld the appellant's contention, deleting the addition made by the Assessing Officer.

View Source

← Previous Next →

Addition in view of the Provisions of section 50C on the Gift of ...

Income Tax

April 6, 2024

You may also like:

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

Capital gain in respect of sale of only one property - addition u/s 50C - assessee itself had leasehold rights in the said property and hence in instant facts, the...

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...

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

Addition on gifts received - the gift being transferred “in kind” hence not to be taxed for the year under consideration - AT

Application of section 50C of the Act to the transfer of leasehold rights in the industrial plot - Addition made by the AO on the basis of circle rate gathered from...

Transaction of transfer of tenancy rights - whether the impugned transfer of tenancy rights attracts the provisions of section 50C - held No. - AT

Sec. 50C is a deeming provision and hence, the question of gift of property does not arise. - Since the transaction of gift is considered as taken place in the form of...

Capital gain on lease hold properties - addition made u/s. 50C - transaction of transfer of leasehold right in question does not warrant invoking of section 50C(1) of...

Quick Updates: