![Income Tax Dept cannot treat Same Transaction of Sale of Property by Co-Owners: ITAT deletes Application of S. 50C [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Income-Tax-Dept-Sale-of-Property-ITAT-taxscan.jpeg "Income Tax Dept cannot treat Same Transaction of Sale of Property by Co-Owners: ITAT deletes Application of S. 50C [Read Order]")
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...
![Amount paid by Purchaser of Property to Tenant can’t be taxed in the Capital Asset of Owner: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/purchaser-of-property-capital-asset-ITAT-taxscan.jpg "Amount paid by Purchaser of Property to Tenant can’t be taxed in the Capital Asset of Owner: ITAT [Read Order]")
![Sec 50C can’t be invoked on Brokerage Costs incurred on Sale Consideration by Purchaser: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/01/Brokkerage-Taxscan.jpg "Sec 50C can’t be invoked on Brokerage Costs incurred on Sale Consideration by Purchaser: ITAT [Read Order]")
![Section 50C can’t be applied when Property Sold under Pressure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/01/Benami-Property-Taxscan.jpg "Section 50C can’t be applied when Property Sold under Pressure: ITAT [Read Order]")
![Section 50C can be invoked in the Year in which Sale taken Place: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/10/Cross-Examination-ITAT-Taxscan.jpg "Section 50C can be invoked in the Year in which Sale taken Place: ITAT [Read Order]")
![Reference of Matter by AO to DVO for valuation of Property is Not Mandatory: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/06/ITAT-Agra-Taxscan.jpg "Reference of Matter by AO to DVO for valuation of Property is Not Mandatory: ITAT [Read Order]")
Fair Market Value of Property applicable from the Date of Execution of Agreement to Sale: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the provisions of section 50C of the Income Tax Act, 1961 mandating application of fair market value of the property is...
![Fair Market Value of Property applicable from the Date of Execution of Agreement to Sale: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/07/Agreement-Taxscan.jpg "Fair Market Value of Property applicable from the Date of Execution of Agreement to Sale: ITAT [Read Order]")
![If Land is treated as Stock-in-Trade, S. 50C does not Apply: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Agricultural-Land.jpg "If Land is treated as Stock-in-Trade, S. 50C does not Apply: ITAT [Read Order]")
![No Penalty when Addition is made by Invoking Deeming Provisions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Penalty-Tax-Scan.jpg "No Penalty when Addition is made by Invoking Deeming Provisions: ITAT [Read Order]")
![Sec 50C not applicable in Case of a Right to Purchase a Building: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Purchase-Building-Taxscan.jpg "Sec 50C not applicable in Case of a Right to Purchase a Building: ITAT [Read Order]")
Sale Consideration on Agricultural Land after its Conversion to Non-Agricultural Land is Business Income, S. 50C can’t be invoked: ITAT [Read Order]
The ITAT bench comprising Pramod Kumar (AM) and S. S. Godara (JM) recently confirmed that the sale consideration on agricultural land after its conversion to non-agricultural Land constitutes business...
![Sale Consideration on Agricultural Land after its Conversion to Non-Agricultural Land is Business Income, S. 50C can’t be invoked: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/01/Sale-Consideration-Business-Income-Taxscan.jpg "Sale Consideration on Agricultural Land after its Conversion to Non-Agricultural Land is Business Income, S. 50C can’t be invoked: ITAT [Read Order]")
Addition in respect of Capital Gain Income can’t be made when Assessee not sold Property and Just Signed as a Confirming Party: ITAT [Read Order]
The Jaipur bench of ITAT recently ruled that the addition in respect of Capital Gain Income can’t be made when Assessee not sold the property and just signed as a confirming party. The bench including...
![Addition in respect of Capital Gain Income can’t be made when Assessee not sold Property and Just Signed as a Confirming Party: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/07/Capital-Gain-Tax-Taxscan.jpg "Addition in respect of Capital Gain Income can’t be made when Assessee not sold Property and Just Signed as a Confirming Party: ITAT [Read Order]")