Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
In an ITAT decision on section 50C, the Tribunal held that where agricultural land was sold under a single arrangement and the entire consideration was received by cheque at the time of the agreement to sell, the stamp duty value on the later registration dates could not be treated as the full value of consideration. It accepted the assessee's evidence of the December 2007 agreement and related valuation material, and treated the curative amendment to section 50C as retrospective. The relevant stamp valuation was therefore the value prevailing on the agreement date, and the addition made under section 50C was deleted.
In an ITAT decision on section 50C, the Tribunal held that where agricultural land was sold under a single arrangement and the entire consideration was received by cheque at the time of the agreement to sell, the stamp duty value on the later registration dates could not be treated as the full value of consideration. It accepted the assessee's evidence of the December 2007 agreement and related valuation material, and treated the curative amendment to section 50C as retrospective. The relevant stamp valuation was therefore the value prevailing on the agreement date, and the addition made under section 50C was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
