Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The High Court held that the amendment introducing the words "or assessable" in Section 50C of the Income Tax Act, effective from October 1, 2009, cannot be applied retrospectively. Prior to the amendment, Section 50C was applicable only to transfers where the value was adopted or assessed by the stamp valuation authority. The inclusion of the phrase "or assessable" brought transfers where the value is assessable by the stamp valuation authority within the ambit of Section 50C. This introduction of a new class of transactions can only have prospective application and cannot be applied to transfers made before the amendment. Consequently, the assessee's transfer, which occurred before the amendment, cannot be subjected to Section 50C. The decision was in favor of the assessee.
The High Court held that the amendment introducing the words "or assessable" in Section 50C of the Income Tax Act, effective from October 1, 2009, cannot be applied retrospectively. Prior to the amendment, Section 50C was applicable only to transfers where the value was adopted or assessed by the stamp valuation authority. The inclusion of the phrase "or assessable" brought transfers where the value is assessable by the stamp valuation authority within the ambit of Section 50C. This introduction of a new class of transactions can only have prospective application and cannot be applied to transfers made before the amendment. Consequently, the assessee's transfer, which occurred before the amendment, cannot be subjected to Section 50C. The decision was in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
