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Section 50C applicable Only on Transfer of Immovable Property Compared with Stamp Duty Value: ITAT [Read Order]

Sneha Sukumaran Mullakkal

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that Section 50C of the Income Tax Act,1961 applies only when there is a transfer...

ITAT remands Matter back to AO for Determination Fair Market Value Valuation in Distress Sale [Read...

Section 50C Income Tax Addition Not Applicable When Registered Sale Agreement Precedes Circle Rate...

Capital Gain Disputes: How to Defend Property Valuation Challenges before Authorities

77-Year-Old Farmer Misguided by Tax Consultant: ITAT Condones 162-Day Delay, Orders Fresh Assessment

Procedure u/s 50C must follow while Sale consideration differs from Stamp Value: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that when the sale consideration in the sale deed differs from the stamp duty value, the Assessing Officer ( AO ) must follow the...

AO Fails to Verify FMV with Valuation Officer u/s 50C(2) upon Taxpayer’s Dispute: ITAT Invalidates STCG Addition [Read Order]

The Lucknow Bench of the Income Tax Appellate Tribunal ( ITAT ) invalidated the addition of short-term capital gains ( STCG ) after the assessing officer failed to consult a valuation officer to...

Section 50C can be applied only to Capital Assets not to Leasehold Rights: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that Section 50C of the Income Tax Act, 1961 can be applied only to capital asset not to leasehold rights. Shivdeep Tyagi, the...

ITAT confirms Rs. 1.45 Crore Income Tax Addition as Short-Term Capital Gain in Taxpayer's Non-Agricultural Land Sale [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed an Income tax addition of Rs. 1.45 crore as short-term capital gain from the taxpayer's sale of non-agricultural land. The...

Property Sale Consideration not grounds for inaccurate Income Particulars: ITAT deletes Penalty u/s 271 (1) (c) of Income Tax Act [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, stating that property sale consideration should not be grounds for...

Failure to refer matter to Departmental Valuation Officers for Assessing Fair Market Value of Land Property: ITAT Partly allows Appeal [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has directed readjucation on the concerned grounds due to the lower authority's failure to refer the matter to the Departmental...

ITAT Weekly Round Up

This Round-Up analytically summarizes the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan. from October 7 to October 14, 2023 Receipts from providing Satellite...