Revision u/s 263 - Transfer of land by wife to her husband - ...

Case Laws Income Tax

April 22, 2023

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 deed intended to transfer the land as vouched by lack of consideration and in view of the intented circumstances. This fact was brought on record by way of oral evidence as well as circumstantial evidence. - AO also invoked Section 64 for clubbing of income and simultaneously exonerated the assessee from the liability of LTCG on notional consideration - Revision order quashed - AT

View Source

← Previous Next →

Revision u/s 263 - Transfer of land by wife to her husband - ...

Case Laws Income Tax

April 22, 2023

You may also like:

Addition towards gift - Sale of land - the transactions of gift of shares and transactions relating to sale of land - transfer of land arose during Asst. Year 2009-10...

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...

Revision u/s 263 by CIT - slum sale - The assessee has transferred the whole business under slump sale basis and it is fact on record that it is transferred the business...

Revision u/s 263 - source of cash deposited in the Bank account - There is a direct nexus between the transaction of sale and the cash deposited in the bank account of...

Validity of Revision u/s 263 by CIT - As per PCIT AO omitted to examine the transaction of transfer of land held as “Stock-in-trade” in the light of the provision of...

Appraisal report available but AO ignored, a fit case for revision u/s 263 - HC

Unexplained investment u/s 69 - family transaction - assessee has submitted that the assessee’s husband was a power of attorney holder of the property and could not...

Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

Revision u/s 263 by CIT - Profit on sale of agricultural land - As observed by the Pr. CIT, and, rightly so, as the A.O had failed to verify the maintainability of the...

Revision u/s 263 - Lack of enquiry is a reason for taking up the case for revision u/s 263 of the Act but the inadequate enquiry cannot be a reason for taking up the...

Nature of land sold appurtenant to the bungalow - whether agricultural land within the meaning of Section 2(14)(a)(iii) of the Act and hence, its sale proceeds are...

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

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...

Levy of penalty u/s 271D - transaction between husband and wife - transaction of loan between husband and wife does not attract the provisions of section 269SS - Penalty...

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...

Quick Updates: