Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
Under section 50C, fair market value must be determined on the...
Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be followed.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Under section 50C, fair market value must be determined on the property's existing condition, not on a hypothetical development or plotting basis. The text states that where the difference between declared consideration and the valuation was within the accepted tolerance band, the Departmental Valuation Officer's report could not reliably replace the actual sale price, especially because it assumed future development, deducted development expenses and developer's profit, and did not value the land as transferred. It also notes that, after a reference under section 50C(2), appellate direction to adopt stamp duty value directly was contrary to the statutory mechanism and unsustainable. The addition to long-term capital gains was deleted.
Under section 50C, fair market value must be determined on the property's existing condition, not on a hypothetical development or plotting basis. The text states that where the difference between declared consideration and the valuation was within the accepted tolerance band, the Departmental Valuation Officer's report could not reliably replace the actual sale price, especially because it assumed future development, deducted development expenses and developer's profit, and did not value the land as transferred. It also notes that, after a reference under section 50C(2), appellate direction to adopt stamp duty value directly was contrary to the statutory mechanism and unsustainable. The addition to long-term capital gains was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
