Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
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Applicability of Section 56(2)(x) of the Income Tax Act to the transfer or surrender of tenancy rights. It states that Section 56(2)(x) is a deeming provision akin to Section 50C, with the former applicable to buyers and the latter to sellers of immovable property. The decisions rendered in the context of Section 50C are applicable to Section 56(2)(x). The transfer of "tenancy rights" has been held to be outside the scope of Section 50C, and following the same reasoning, the provisions of Section 56(2)(x) will not apply to the transfer of tenancy rights. However, in the present case, the assessee purchased additional area beyond the tenancy rights, and the provisions of Section 56(2)(x) will apply to the additional purchase. The difference between the actual consideration and stamp duty valuation for the additional area was less than 10%, and as per the amended tolerance limit, no addition u/s 56(2)(x) is required.
Applicability of Section 56(2)(x) of the Income Tax Act to the transfer or surrender of tenancy rights. It states that Section 56(2)(x) is a deeming provision akin to Section 50C, with the former applicable to buyers and the latter to sellers of immovable property. The decisions rendered in the context of Section 50C are applicable to Section 56(2)(x). The transfer of "tenancy rights" has been held to be outside the scope of Section 50C, and following the same reasoning, the provisions of Section 56(2)(x) will not apply to the transfer of tenancy rights. However, in the present case, the assessee purchased additional area beyond the tenancy rights, and the provisions of Section 56(2)(x) will apply to the additional purchase. The difference between the actual consideration and stamp duty valuation for the additional area was less than 10%, and as per the amended tolerance limit, no addition u/s 56(2)(x) is required.
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