Guidance Value of Land or Building Should be used to Determine Consideration Where Transfer Value of Capital Asset is not determinable: ITAT [Read Order]

The CIT(A) deemed the correct consideration to be Rs. 93,80,19,968 based on the guidance value of the land, as unsupported construction costs were deemed inappropriate.
Guidance value - Capital asset - Transfer value - ITAT ruling - Taxscan

The Bangalore bench of Income Tax Appellate Tribunal(ITAT)ruled that the guidance value of land or building should be used to determine the consideration when the transfer value of a capital asset is not determinable.The Department, appellant- assessee,raised ground on issue regarding the relief granted by the CIT(A) concerning the full value of consideration.In the case…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now

taxscan-loader