This case examines whether an addition can be made in the hands of a purchaser of immovable property by invoking the deeming provisions of Section 50C of the Income-tax Act, 1961. The Assessing Officer sought to treat the difference between the actual purchase …
ITAT highlighted that the imposition of penalties under Section 271(1)(c) should not be automatic, but rather based on a careful consideration of the circumstances. ITAT Delhi Ruling: In a significant ruling, the Delhi Income Tax Appellate Tribunal (ITAT) emphasized that …
CGAS deposit is not a mandatory requirement for claiming capital gain deductions, if it has been invested within the prescribed time limit under section 54(1) of the Income Tax Act for the purchase or construction of a new property Relevance …