Applicability of section 56 on disputed property as purchased ...

Case Laws Income Tax

December 21, 2023

Applicability of section 56 on disputed property as purchased from relative - Additions u/s 56(2)(x) - since the assessee has purchased the land from the ‘relative’ and the said contention was duly supported by the genealogical tree, and the said fact has also already been examined by the AO, thus, in our considered opinion, the order of the Pr. CIT deserves to be quashed. - AT

View Source

← Previous Next →

Applicability of section 56 on disputed property as purchased ...

Case Laws Income Tax

December 21, 2023

You may also like:

Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial...

Addition u/s 56(2)(vii) r.w.s. 69 - difference between the purchase price i.e. circle rate/stamp duty value and the value determined by the DVO - This section can be...

Addition u/s. 56(2)(vii) - Applicability for properties which are under construction? - AO mechanically applied provisions of section 56(2) to bring he difference...

The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...

The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

Addition u/s 56(2)(vii)(b)(ii) - difference between the stamp duty value and purchase value of agricultural land (immovable property) - the agricultural land purchased...

CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

Addition u/s 56 - allotment of shares cannot be equated with receipt of shares - receipt of share there should be shares in existence and a person holding such share...

The ITAT Ahmedabad addressed the validity of an assessment by the AO on issues beyond those covered by a notice u/s 143(2) issued under CASS for limited scrutiny,...

Addition u/s 56(2)(vii) - real owners - partners v/s firm - property purchased by assessee-partner less than guideline value of the property - applying purposive...

Income from other sources u/s 56 (2) (x) - purchased the property - difference between the valuation adopted by the district valuation officer and actual consideration -...

Addition u/s 56(2)(vii)(c)(ii) - allotment of shares to assessee shareholder at a value lower - whether Tax to be paid by the shareholders or the company? - The shares...

The ITAT considered an appeal regarding an addition u/s 56(2)(x) where the property in question was agricultural land. The difference between the consideration paid and...

Addition made u/s 56(2)(vii)(b)(ii) on account of purchase of immovable property - inadequate consideration - Once the transaction of purchase of property in question is...

The Appellate Tribunal considered a case involving an addition u/s 56(2)(x)(B) due to the purchase of land property where the stamp value exceeded the consideration paid...

Quick Updates: