Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

It is true that the question of capital gain came up for ...


Assessing Officer Must Accurately Recognize Value from Land Sale in Capital Gain Assessment Proceedings.

June 29, 2016

Case Laws     Income Tax     HC

It is true that the question of capital gain came up for consideration before Assessing Officer. It is also true that the assessee had placed the materials with respect to sale of land before Assessing Officer during such assessment proceedings - But the AO cannot ignore the correct value / consideration received for sale of land - HC

View Source

 


 

You may also like:

  1. Validity of reopening an assessment u/s 147 of the Income Tax Act, the distinction between "change of opinion" and "reasons to believe," and the classification of income...

  2. Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader...

  3. Sale of land - Assessing Officer in bringing to tax the short term capital gains arising from the sale of agricultural land under the head ‘business income’ - land in...

  4. The appellant firm had purchased lands for business purposes but did not carry out any business activities on those lands. The firm transferred the amounts pertaining to...

  5. Addition to income from capital gains - Nature of land sold - Anyhow, to meet the ends of natural justice, we direct the assessee to file complete sale deeds of the...

  6. Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

  7. Capital gain on sale of land - transfer of stock in trade as capital contribution by the assessee in the AOP - the transaction of impugned land introduced by the...

  8. The High Court quashed the reopening notice issued by the Assessing Officer u/s 148 for reassessment beyond the period of four years. The assessee had filed returns...

  9. LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...

  10. The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged...

  11. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

  12. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

  13. Capital gain on sale of land - Nature of land sold - agricultural land - calculation of shortest route - , although there is no doubt that conflicting reports were...

  14. Nature of land sold - Gain earned on sale of land/acquisition - the Tribunal held that since the land was rural agricultural land compulsorily acquired by the...

  15. The Appellate Tribunal considered whether the sale proceeds of residential units should be treated as capital gains or business receipts. It was found that the...

 

Quick Updates:Latest Updates