Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial amount of the purchase consideration was paid, and the transaction is embroiled in a legal dispute, hence section 50C should not be applicable. - The ITAT noted that despite the assessee's claim of only a partial payment, the sale deed indicated otherwise. As a result, the tribunal upholds the addition to the assessee's income under section 56(2)(x)(b)(B) for the differential amount between the stamp value and the purchase consideration.
Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial amount of the purchase consideration was paid, and the transaction is embroiled in a legal dispute, hence section 50C should not be applicable. - The ITAT noted that despite the assessee's claim of only a partial payment, the sale deed indicated otherwise. As a result, the tribunal upholds the addition to the assessee's income under section 56(2)(x)(b)(B) for the differential amount between the stamp value and the purchase consideration.
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