Search Results For: K. C. Devdas


ITO vs. Kondal Reddy Mandal Reddy (ITAT Hyderabad)

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: May 13, 2016 (Date of pronouncement)
DATE: May 16, 2016 (Date of publication)
AY: 2010-11
FILE: Click here to view full post with file download link
CITATION:
S. 50C/ 54F: In allowing exemption u/s 54F, the deemed consideration u/s 50C has to be taken into consideration and it cannot be restricted to the consideration mentioned in the sale deed

The ultimate object and purpose of section 50C of the I.T. Act is to see that the undisclosed income of capital gains received by the assessee should be taxed and that the law should not encourage and permit the assessee to peg down the market value at their whims and fancy to avoid tax, but when the capital gain is assessed on notional basis, whatever amount is invested in the new residential house within the prescribed period under section 54 of the I.T. Act, the entire amount invested, should get benefit of deduction irrespective of the fact that the funds from other sources are utilised for new residential house

Kanchenjunga Greenlands Pvt. Ltd vs. DCIT (ITAT Hyderabad)

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
The only requirement of s. 249(4) is payment of tax due on returned income. There is no time limit prescribed for payment of such taxes. The delay in filing an appeal after payment of SA tax can be condoned

(i) The only requirement of section 249(4) is payment of tax due on returned income and there is no time limit prescribed for payment of such taxes. Therefore, if an appeal is filed after making of payment, it cannot be

Top