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

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Addition made by AO Without Considering Section 55A of Income Tax Act: ITAT Directs Re-adjudication [Read Order]

Shabna Rahim

The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) directed the assessing officer to re-adjudicate the addition made without considering...

Absence of Seller before AO not Ground to Allege Unexplained Investment: ITAT Deletes Addition u/s...

Section 50C of Income Tax Act Cannot be Applied on Compulsory Acquisition of a Capital...

Valuation of Agricultural Land as ‘Non-Agricultural’ by for Stamp Papers Not a Ground to Deny Tax...

S.50C (1) cannot be invoked in case of Transfer of Leasehold Right: ITAT [Read Order]

Revisional Order u/s 263 can't be Simply on Assumption: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that revisional order under section 263 can’t be simply on assumption. The Appellant was represented by Shri R....

Sale through GPA Holder for a Less Consideration in favour of Children does not attract Section 50C: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has recently held that the provisions of section 50C of the Income Tax Act, 1961 would not be applicable where the assessee executed a Sale...

Enhanced Sale Consideration u/s 50C can’t be taken to determine Capital Gain Exemption: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the sale consideration enhanced by invoking section 50C of the Income Tax Act, 1961 cannot be extended to computation under...

Agricultural Land does not fall under Capital Asset u/s 2(14) of the Income Tax Act, S 50C not Applicable: ITAT [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that agricultural land did not fall under the head of capital asset under Section 2(14) of the Income Tax Act,...

S. 50C Not Applicable on Transfer of Property held as “Stock-in-Trade”: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that Section 50C of the Income Tax Act is not applicable to the transfer of property which is held as “stock-in-trade”. The AO...

Income Tax Dept cannot treat Same Transaction of Sale of Property by Co-Owners: ITAT deletes Application of S. 50C [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax department cannot treat the same income received as sale consideration from the same property by co-owners...

Amount paid by Purchaser of Property to Tenant can’t be taxed in the Capital Asset of Owner: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that amount paid by the purchaser of property to the tenant can’t be taxed in the capital asset of the owner. The four...

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