When assessee allotted plot by Noida Authorities, entered ...

Assessee sold plot in 2003, paid remaining amount in 2007. Transaction concluded in 2003 as per circle rate. No addition u/s 50C warranted.

Case Laws Income Tax

August 3, 2024

When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as per schedule. Assessee paid remaining amount in 2007, Noida Authorities executed lease in buyer's favor. Buyer paid remaining amount to Noida Authorities who transferred lease. Since transaction between assessee and buyer concluded in 2003 as per prevailing circle rate, no addition u/s 50C warranted. Assessee's appeal allowed.

View Source

← Previous Next →

When assessee allotted plot by Noida Authorities, entered ...

Assessee sold plot in 2003, paid remaining amount in 2007. Transaction concluded in 2003 as per circle rate. No addition u/s 50C warranted.

Case Laws Income Tax

August 3, 2024

You may also like:

Computation of Capital Gain - provision for site development expenses against sale of plots and the disallowance being premium on re-purchase - Once the plots are sold...

Long-term capital gains - receipts by the assessee as per the consent decree passed by the Hon”ble Bombay High Court - suit for specific performance of the Agreement to...

Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

Valuation of the export goods on which duty has to be paid - The Appellate Tribunal upholds the appellant's contention regarding the determination of the transaction...

Addition of amounts written off - payment of service tax to its distributors - when the assessee company has paid amount to its distributors who had actually paid the...

Valuation - inclusion of subsidy - Under the promotion policy involved in these appeals, the subsidy does not reduce the sales tax that is required to be paid by the...

Refund of SAD – Benefit of Notification No. 102/2007 - teak wood logs were cut into small pieces and sold in the market – identity of the article did not undergo any...

Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

Adjustment of amount of the duty demanded against the EOU unit - goods manufactured in EOU sold in DTA unit - The stand of respondent no.2 cannot be accepted that even...

The appellant imported parts on which Special Additional Duty (SAD) was paid, but these parts were not sold as such. Instead, they were used for installation of an...

Refund of SAD - mis-match of description of the goods - The SAD is paid on importation of the goods to safe guard the revenue of the state i.e. VAT/CST. As the same has...

The assessee had demonstrated the genuineness of the share transaction resulting in long-term capital gains, which were claimed as exempt u/s 10(38). The Revenue...

The case pertains to the valuation of imported goods and the inclusion of royalty payments for determining the transaction value. The key points are: The transaction...

LTCG - Exemption u/s 54F - As seen that both the plots, namely, 28 and 29 were simultaneously purchased and are adjacent to each other. The assessee has claimed that...

Direction of the CIT(A) to assess the development of plots as Short Term Capital Gain on sale of plots - Since assessee is owner of the plots, sale of plots will also be...

Quick Updates: