Read all Latest Updates on and about section 50C of the Income Tax Act 1961

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Claimed Property Gift by Father-in-Law Mistakenly Registered as Sale: ITAT Remands Capital Gain Addition u/s 50C for Fresh Examination [Read Order]

The Bangalore Bench of the Income TaxAppellate Tribunal (ITAT) has remitted a dispute where a property meant to be a gift was mistakenly executed as...

S. 50C Not Applicable to Transfer of Life Interest in Property: ITAT Deletes ₹80.04 lakh Addition...

ITAT Directs Fresh Assessment in Property Valuation Dispute u/s 50C [Read Order]

Purchase / sale of immovable property for Business Purpose does not attract S. 50C of Income Tax...

ITAT Weekly Round Up

Value of Property assessed by SVA on date of Agreement to Sale shall be taken for computing full value of consideration for Transfer u/s 50C: ITAT [Read Order]

The Raipur bench of the Income Tax Appellate Tribunal (ITAT) held that the value of the property assessed by the stamp valuation authority (SVA) on the date of agreement to sale shall be taken for...

Right to Receive Compensation on Acquisition and TDR Rights are not Immovable Assets, Section 50C can’t be invoked: ITAT

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has recently held that section 50C of the Income Tax Act, 1961 cannot be invoked in respect of the right to receive compensation on compulsory...

DVO Report Vital for Determination of Full Value of Consideration u/s 50C: ITAT [Read Order]

In Anuj Kumar Goswami vs ITO, the Agra Bench of Income Tax Appellate Tribunal ( ITAT ) held that Departmental Valuation Officer(DVO)’s valuation takes precedence over Stamp Valuation Authority’s...

Section 50C not applicable to Cold Storage Building: ITAT [Read Order]

In Laxmi Ice & Cold Storage and Income Tax Officer (ITO), the Lucknow bench of Income Tax Appellate Tribunal (ITAT) recently held that the provisions of section 50C of the Income Tax Act 1961 are...

Sec 50C of Income Tax Act not Applicable to Assessees engaged Real Estate Business, says ITAT Delhi [Read Order]

In Umesh Garg v. ITO, a division bench of the ITAT, New Delhi observed that section 50C of the Income Tax Act, 1961 special provision for full value of consideration in certain cases does not...

Application u/s 50C to determine Capital Gain is not a Conclusive Proof that sale deed is incorrect or wrong: ITAT Ahmedabad [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal, in a recent decision, held that determination capital gain by applying section 50C of the Income Tax Act, 1961 cannot be treated as a...