Petitioners accused of offences u/ss 276C(1) r.w.s. 277 of the ...

Alleged capital gains tax evasion by underreporting sale consideration, HC declines to quash complaint.

January 15, 2025

Case Laws Income Tax HC

Petitioners accused of offences u/ss 276C(1) r.w.s. 277 of the Income Tax Act, 1961 for evading capital gains tax by showing only part sale consideration in sale deed while remaining amount paid in cash. HC declined to exercise inherent powers u/s 482 CrPC to quash complaint, holding allegations disclose cognizable offences. Power to quash FIR/complaint an exception, not ordinary rule, to be exercised in rarest of rare cases when allegations do not constitute cognizable offence.

View Source

← Previous Next →

Petitioners accused of offences u/ss 276C(1) r.w.s. 277 of the ...

Alleged capital gains tax evasion by underreporting sale consideration, HC declines to quash complaint.

January 15, 2025

Case Laws Income Tax HC

You may also like:

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Computation of Capital Gains - Exclusion of the portion of the sale consideration that was never received - The High court found that the real income (capital gains)...

Capital gain - sale of property by the legal heir with the co-owners - the assessee (as legal heir of the said property) is liable to capital gains tax during the year...

Exemption u/s 54F - disallowance being long term capital gain on sale of plot - LTCG - section 54F nowhere envisages that the sale consideration obtained by assessee...

The Income Tax Appellate Tribunal (ITAT) ruled that when an assessee promptly computed and paid advance tax u/ss 234A, 234B, and 234C of the Income Tax Act, and an...

Rate of tax on sale of depreciable assets - STCG vs LTCG - as per Section 112 of the Act, the tax on long term capital gains on transfer of a long term capital asset is...

Year of chargeability of capital gains tax - capital gain can be charged only on receipt of the sale consideration and not otherwise. How can a person pay the capital...

Taxability of capital gain - person who sold property as attorney of the owner - It is the owner of capital asset who would be liable for capital gain. In case the sale...

Capital Gain - Receipt of consolidated amount - where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain,...

ITAT adjudicated a dispute regarding capital gains taxation for property sale. The tribunal found the Assessing Officer's (AO) determination of short-term capital gains...

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

LTCG or STCG - Sale of ground floor of residential unit - whether it give rise to long term capital gains or short term capital gains - Computation from period of...

Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

ITAT determined the tax treatment of a property sale, characterizing it as a short-term capital gain under section 50. The tribunal held that the property remained a...

Assessee utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration...

Quick Updates: