Revision u/s 263 - AO had issued u/s. 142(1) and has enquired ...

Inquiry on Flat Sale and LTCG u/s 142(1) Valid; Interest Expenditure Allowable as Acquisition Cost.

July 5, 2021

Case Laws Income Tax AT

Revision u/s 263 - AO had issued u/s. 142(1) and has enquired about the details of sale of flat and LTCG etc. by asking question - AO had enquired about the issue of LTCG on sale of flat and has discharged his duty as on investigation and cannot be faulted; and allowing the interest expenditure (capitalized) and which becomes part of the cost of acquisition in the facts of this case is allowable, and is a plausible view and so it cannot be held erroneous and at any rate be held un-sustainable view in law. - AT

View Source

← Previous Next →

Revision u/s 263 - AO had issued u/s. 142(1) and has enquired ...

Inquiry on Flat Sale and LTCG u/s 142(1) Valid; Interest Expenditure Allowable as Acquisition Cost.

July 5, 2021

Case Laws Income Tax AT

You may also like:

Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss...

Capitalization of the amount of interest disallowed u/s 36(1)(iii) - Here the assessee is claiming that if interest corresponding to investment in mutual funds is not...

The HC quashed the impugned order dated 14.12.2023 for violation of principles of natural justice. The respondent failed to issue a proper and prior show cause notice...

Capital gains - sale of flat allotted by cooperative housing society - cost of acquisition, non-allowance of registration expenses and cost of improvement - cost as...

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...

Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

Penalty u/s 271(1)(b) - non compliance of notices u/s 142(1) - the AO was not having the present address of the assessee - when the notice issued u/s 142(1) was not...

The Appellate Tribunal held that the penalty imposed u/s 272A(1)(d) for non-compliance with notices u/s 142(1) was not legally valid. The Assessing Officer failed to...

Non-issuance of a proper Show Cause Notice u/s 73(1) of the State Goods and Services Tax Act, 2017 (AGST Act) prior to passing the impugned order u/s 73(9) violates...

LTCG computation - Deduction of expenditure cost of acquisition u/s 48 - Various High Courts have held that the interest incurred on borrowed funds are to be treated as...

Addition of capital gain - cost of indexation - JDA property - Though in the definition of 'indexed cost of acquisition', the word used are, "in which the asset was held...

Capital gain computation - disallowance of interest on housing loan which has been claimed as part cost of acquisition - The ITAT upheld the CIT(A)'s decision, agreeing...

Penalty u/s 271(1)(c) - non-compliance of notice issues - if the quantum proceedings itself are declared to be bad in law and quashed , then any non compliance on the...

Penalty levied u/s 271(1)(b) - failure to comply with the notices issued by the A.O u/s 142(1) - the non-compliance on the part of the assessee is due to the reason of...

Capital gain computation - Cost of acquisition - indexed cost of interest paid - The expenditure which is allowable u/s 24 cannot be capitalized, claimed as cost of...

Quick Updates: