Computation of Capital gain - Section 50C applicability - first ...

Income Tax Act Section 50C Proviso Applied Retrospectively; Guideline Value from Agreement Date to Compute Capital Gains.

June 3, 2020

Case Laws Income Tax AT

Computation of Capital gain - Section 50C applicability - first proviso to Section 50C of the Act, is applicable retrospectively. It does not create any new right between the parties. It simply clarifies the existing position of law. - CIT(A) after referring to first proviso to Section 50C of the Act, directed the Assessing Officer to adopt the guideline value as on 04.08.2012, being the date of agreement and there after compute the assessee’s capital gain. Therefore the Revenue cannot have any grievance in the decision of the CIT(A).

View Source

← Previous Next →

Computation of Capital gain - Section 50C applicability - first ...

Income Tax Act Section 50C Proviso Applied Retrospectively; Guideline Value from Agreement Date to Compute Capital Gains.

June 3, 2020

Case Laws Income Tax AT

You may also like:

Competition Commission of India (Determination of Turnover or Income) Regulations, 2024 - (1) Turnover or income for enterprises includes the value of sales, revenue, or...

Interpretation of statute - Levy of VAT - credit note received subsequent to the date of the invoice - Determination of Turnover - Input Tax Credit - Large Bench...

The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Benefit of proviso to section 112(1) on sale of the equity shares - tax is payable in respect of income arising from transfer of a long-term capital asset which is...

Guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961 - Circular

ITAT upheld application of higher tax rate (60%) u/s 115BBE for unexplained cash deposits treated as deemed income u/s 68. The Tribunal confirmed that enhanced tax rates...

The Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue Department against the order of the Commissioner of Income Tax (Appeals). The Tribunal upheld...

The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

ITAT allowed taxpayer's appeal regarding Tax Collected at Source (TCS) credit for minor child's income clubbed with parent's income. While statutory amendment permitting...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

The case dealt with the taxability of income in India related to royalty receipts and Tax Deducted at Source (TDS) u/s 195. The respondent did not deduct tax on...

Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

Karnataka State Natural Disaster Monitoring Centre (PAN: AAATD2434P), a body constituted by State Government of Karnataka, is exempted from income tax u/s 10(46) of...

Levy of purchase tax payable - purchase of turmeric - Section 12 (2) of the Tamil Nadu Value Added Tax, 2006 - There was a paradigms shift from TNGST Act, 1959 when...

Quick Updates: