Revision of assessment order - computation of long term capital ...

Section 263 Revision: Deductions for Improvements Rejected as Only Vacant Land Sold, Revising Capital Gains Calculation.

September 11, 2018

Case Laws Income Tax AT

Revision of assessment order - computation of long term capital gain against the sale of immovable property - claim of deduction towards indexed cost of construction of compound wall and the cost of improvements - assessee has only transferred vacant land to the purchaser - there is no question of deductions so claimed - Revision order u/s 263 sustained.

View Source

← Previous Next →

Revision of assessment order - computation of long term capital ...

Section 263 Revision: Deductions for Improvements Rejected as Only Vacant Land Sold, Revising Capital Gains Calculation.

September 11, 2018

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - Being conscious of the fact that the original assessment order could not be revised under section 263 of the Act due to bar of limitation, as provided...

Revision u/s 263 - Deduction u/s.80-IB(10) to land owners - in response to SCN by CIT assessee placed tribunal decision where deduction u/s.80-IB(10) allowed to land...

Validity of Revision u/s 263 - Admisibility of Deduction u/s 80P, Deduction from total income under chapter VI-A and business expenses - The ITAT quashed the order...

The assessment order was passed without verifying the allowability of the cost of improvement as per Section 55(1)(b)(2), rendering it erroneous and prejudicial to...

Revision u/s 263 - deduction u/s 54B - No specific enquiry with regard to the land use prior to its date of sale i.e. whether the land which was sold was used for...

The ITAT Visakhapatnam dealt with a revision u/s 263 regarding the treatment of a residential property sale as short-term or long-term capital asset. The dispute...

The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

Revision u/s 263 - applicability of section 56(2)(x) - assessee acquired leasehold/freehold land and building from the BDMC - The ITAT found that the revisionary...

Revision u/s 263 - Agriculture land - As such, there is no incriminating material in the possession of the Assessing Officer to hold that the land in question is capital...

Power of revision under section 263 – Amendment to Explanation to Section 115 JB - subsequent amendment in 2005 even though retrospective will not attract the provision...

Revision u/s 263 - debatable issue - taxability of interest received by the Assessee on the enhanced compensation u/s 28 of the Land Acquisition Act - The Appellate...

The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

Revision u/s 263 - deduction u/s 54B - transfer of agricultural land by Scheduled Caste person was prohibited under Land Reforms Act - when the transfer itself is...

The Appellate Tribunal examined the validity of an order passed u/s 143(3) by the Assessing Officer (AO), which was revised by the Principal Commissioner of Income Tax...

Revision u/s 263 - When the ld. Commissioner issued a show cause notice under section 263 and ultimately passed impugned order; by that time the alleged domestic...

Quick Updates: