Assessment u/s 153A - The cost of land incurred and recorded in ...

Case Laws Income Tax

January 17, 2024

Assessment u/s 153A - The cost of land incurred and recorded in the books has been duly accepted and reduced from the fair value derived by the valuer. The additions appear to have been made towards cost of construction of premises thereon. The construction however has been commenced in the subsequent year and has no relation to the AY 2011-12 in question. - CIT(A) rightly deleted the additions - AT

View Source

← Previous Next →

Assessment u/s 153A - The cost of land incurred and recorded in ...

Case Laws Income Tax

January 17, 2024

You may also like:

Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

Disallowance on account of depreciation claimed on the cost incurred in relation to the land being non depreciable asset - To our understanding, the impugned expenses...

Assessment u/s 153A - Unexplained investment - It is common practice during search proceedings that the revenue seizes the books of account along with incriminating...

Assessment u/s 153A - unsecured loan taken by the assessee - reliance on statement of third party - When the Assessing Officer and ld. CIT(A) has accepted that the...

Disallowance of expenditure incurred towards free samples - On a perusal of material placed before us, it is noticed that the cost incurred by the assessee towards...

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

Validity of assessment passed u/s 153A pursuant to search and seizure - The High Court has observed and held that, the assessee’s assessment for the relevant year stood...

Long term capital gain computation - Fair market value as on 1.4.81 - Evidence / Poof of cost of improvement incurred after 1.4.1981 - While it is the claim of the...

Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not paid any consideration for land, the question of capitalization of...

Assessment u/s 153A - Addition u/s 69A by the Assessing Officer on account of difference in amount credited in bank and sale proceeds shown in the income tax return. It...

Addition on account of deposit of cash during the demonetization period - allegation of sham transactions - the AO has acted on mere surmise and conjectures without duly...

Compulsory acquisition of agricultural land - Potential use of the land as nonagricultural land is totally immaterial. Entries in the record of rights are good prima...

The assessment u/s 153C mandates the recording of satisfaction by the Assessing Officer (AO) upon discovery of material likely to "have a bearing on the determination of...

Entitlement to cost of improvement and consequent indexed cost of improvement - The assessee’s wife who was holding 50% title on the said land, has not been allowed cost...

Quick Updates: