S. 56 : Income from other sources-Purchase of land-Violation of principle of natural justice-Show cause notice proposing additions was received after assessment order was passed- Order is set aside. [S. 50C, 56(2)(vii)]
S. 56 : Income from other sources-Purchase of land-Violation of principle of natural justice-Show cause notice proposing additions was received after assessment order was passed- Order is set aside. [S. 50C, 56(2)(vii)]
S. 56 : Income from other sources-Valuation of shares-Two methods-NAV or DCF-Choice with the assessee-The Assessing Officer cannot question valuation per se. [R.11UA]
S. 56 : Income from other sources-DCF method for valuation-Method could not be rejected without brining any defect in methodology of valuation. [S. 56(2)(viib)]
S. 56 : Income from other sources-Purchase of property by participating in e. tender, being highest / successful bidder-Considered as fair market value for the purpose of stamp duty. [S. 45, 50C, 56(2)(x)]
S. 56 : Income from other sources-Market value of shares-Discounted Cash Flow method(DCF)-No defect is pointed out-Option is with the assessee-The Assessing Officer cannot change the valuation. [S. 56(2)(viib), R. 11UA 2(a), 11UA(2))(b)]
S. 54F : Capital gains-Investment in a residential house-Constructed residential buildings comprising of two rooms, kitchen, toilet having electricity and water connection which was being used as residential unit-Denial of exemption is not justified-Cost of improvement-Documentary evidence not filed-Disallowance is affirmed. [S. 45, 48, 55]
S. 54F : Capital gains-Investment in a residential house-One house in his name and two properties jointly with his family members-Jointly held property cannot be said to be owner of the property-Entitle to deduction-Other expenses-Matter is remanded to the Assessing Officer. [S. 37(1), 45]
S. 54EC : Capital gains-Investment in bonds-Investment in NHAI bonds before sale of property out of advance money received-Entitle to deduction. [S. 45]
S. 54B : Capital gains-Land used for agricultural purposes-Mistakenly offered as taxable income-Assessing Officer accepted the return-Appeal filed before the CIT(A) on the ground that the income was shown mistaken belief that the same is taxable-CIT(A) dismissed the appeal-Held that dismissal of appeal is not justified-Article 265 of Constitution of India prohibits tax to be collected without authority of law.[S. 2(14)(iii), 139(1), 246A, 250, Art. 265]
S. 48 : Capital gains-Mode of Computation-Indexed cost of construction/improvement of certain amount Cost of construction-Failure to produce bills-Matter remanded to examine the valuation report.[S. 45]