The ITAT Ahmedabad ruled on two key issues: 1) Determination of ...

Tax Tribunal Rules on Share Valuation for LTCG and Rent Deduction for HRA; Section 50C Inapplicable to Private Company Shares.

May 21, 2024

Case Laws Income Tax AT

The ITAT Ahmedabad ruled on two key issues: 1) Determination of Selling Price of Shares for LTCG Calculation - Held that the AR's contention regarding higher consideration for shareholders who were tenants is justifiable. Section 50C not applicable to share of Private Limited Company. Decision of CIT vs. Salora International Limited not applicable due to distinguishing facts. 2) Deduction of rent paid against HRA - Assessee provided evidence of paying rent to HUF. Allowed deduction based on Tribunal decisions. Grounds 1 and 2 allowed.

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The ITAT Ahmedabad ruled on two key issues: 1) Determination of ...

Tax Tribunal Rules on Share Valuation for LTCG and Rent Deduction for HRA; Section 50C Inapplicable to Private Company Shares.

May 21, 2024

Case Laws Income Tax AT

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