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Difference upto 10% in the stamp duty value and sales consideration is allowable :-Hon’ble ITAT Jaipur
Category: Income Tax
SITA BAI KHETAN VERSUS INCOME-TAX OFFICER No.- I. T. A. No. 826/JP/2013 Computation of capital gain – Adoption of value – Held that:- In the instant case, the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee is less than 10 per cent. Therefore, we hereby direct the Assessing Officer to adopt the value as declared by the assessee. This ground of the assessee is allowed. Disallowance of indexation
Applicability of Section 43CA of Income Tax Act, 1961 where agreement executed prior to 01/04/2013
Category: Income Tax
INDEXONE TRADECONE PVT. LTD. VERSUS DCIT, CENTRAL CIRCLE-2, JAIPUR Appeal No.- ITA No. 470/JP/2018 Addition invoking the provisions of section 43CA – applicability of provisions at the time of entering into the agreement to sell – Held that:- In the present case, where the date of agreement to sell in respect of the two flats is 9.4.2007, which is much prior to the financial year relevant to assessment year 2014-15 when the provisions of section
Recently two judges’ bench of Hon’ble Supreme Court in the case of NRA Iron & Steel Pvt. Ltd. vs. Principal Commissioner of Income Tax (Central) – 1 (SLP (Civil) No. 29855 of 2018), by its judgment dated 5th March, 2019 restored the order of Assessing Officer by confirming the addition to the taxable income made under Section 68 of Income Tax Act, 1961 (and thus liable to Income Tax at applicable rates). It was held that