https://www.taxtmi.com/caselaws?id=449635 ITAT Ahmedabad ruled on multiple taxation issues for a sick company. The tribunal partly allowed Revenue's appeal regarding PF contribution delays, directing 50% disallowance instead of complete disallowance. Appeals concerning miscellaneous expenses, commission expenses, legal charges, and bad debts were dismissed, upholding CIT(A)'s decisions favoring the assessee. For capital gains computation, the tribunal accepted government-approved land valuation of Rs. 1.17 crores as on April 1, 1981. However, Revenue's appeal regarding Section 50C valuation was allowed, with the tribunal ruling that stamp duty valuation of Rs. 6.05 crores applies to the entire property, not just land, reversing CIT(A)'s direction to exclude building and machinery values. en-us Wed, 14 Feb 2024 00:00:00 +0530 Fri, 16 Feb 2024 06:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449635 ITAT Ahmedabad ruled on multiple taxation issues for a sick company. The tribunal partly allowed Revenue's appeal regarding PF contribution delays, directing 50% disallowance instead of complete disallowance. Appeals concerning miscellaneous expenses, commission expenses, legal charges, and bad debts were dismissed, upholding CIT(A)'s decisions favoring the assessee. For capital gains computation, the tribunal accepted government-approved land valuation of Rs. 1.17 crores as on April 1, 1981. However, Revenue's appeal regarding Section 50C valuation was allowed, with the tribunal ruling that stamp duty valuation of Rs. 6.05 crores applies to the entire property, not just land, reversing CIT(A)'s direction to exclude building and machinery values. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449635