Revision u/s 263 by CIT - As per CIT sale of land parcels as ...

CIT's Section 263 revision on land sale as "Capital Gains" quashed due to lack of substantial evidence.

October 29, 2021

Case Laws Income Tax AT

Revision u/s 263 by CIT - As per CIT sale of land parcels as taxed under the head "Capital Gains" - AO found that the actual sale consideration of land parcels shown as business assets/stock-in-trade in the books of accounts is lesser than the corresponding value assessable for the purposes as stamp duty - - We do not see any such material which can make the conclusion of the PCIT indefeasible - the revisional order under Section 263 of the Act is quashed and set aside - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - As per CIT sale of land parcels as ...

CIT's Section 263 revision on land sale as "Capital Gains" quashed due to lack of substantial evidence.

October 29, 2021

Case Laws Income Tax AT

You may also like:

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...

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...

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...

Revision u/s 263 - Transfer of land by wife to her husband - Nature of transaction - Sale or Gift - It is the case of the assessee that sale deed is nothing but gift...

Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

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...

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...

Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

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...

Correct head of income - sale of land - “capital gains” or “business income” - In the present case, undisputedly the appellant had made a distinction between those lands...

Capital gain - assessee has not received any sale consideration - Since the property was registered from the seller to the buyer and the landlord registered the sale...

Realignment of profits arising on sale of land parcels - surplus arising on sale of asset - ‘capital gains’ OR ‘business income’ - The CIT(A), in our view, has come to a...

Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on...

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...

The ITAT Hyderabad held that the capital asset, as defined in section 2(14) of the Act, must be held by the assessee and not connected with their business or profession....

Quick Updates: