Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
In the case of 2024 (5) TMI 1097 before the ITAT Kolkata, the issue revolved around the addition made u/s 50C of the Income Tax Act. The assessee had contended that the fair market value of the property was lower than the value adopted by the stamp duty authority and requested a reference to the Departmental Valuation Officer (DVO) as per the provisions of section 50C. Both the Assessing Officer and CIT(A) rejected this contention without providing any reason, thereby not following the statutory provisions of section 50C(2). The ITAT held that the addition made by the Assessing Officer was not sustainable in law. Citing the decision in Hari Om Garg [2019 (5) TMI 1834 - ITAT Agra] and other High Court cases, the ITAT ruled in favor of the assessee, ordering the deletion of the addition. The appeal of the assessee was allowed, and the addition made by the lower authorities was deemed unsustainable and ordered to be deleted.
In the case of 2024 (5) TMI 1097 before the ITAT Kolkata, the issue revolved around the addition made u/s 50C of the Income Tax Act. The assessee had contended that the fair market value of the property was lower than the value adopted by the stamp duty authority and requested a reference to the Departmental Valuation Officer (DVO) as per the provisions of section 50C. Both the Assessing Officer and CIT(A) rejected this contention without providing any reason, thereby not following the statutory provisions of section 50C(2). The ITAT held that the addition made by the Assessing Officer was not sustainable in law. Citing the decision in Hari Om Garg [2019 (5) TMI 1834 - ITAT Agra] and other High Court cases, the ITAT ruled in favor of the assessee, ordering the deletion of the addition. The appeal of the assessee was allowed, and the addition made by the lower authorities was deemed unsustainable and ordered to be deleted.
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