PCIT vs. The Executor of Estate of Late Smt. Manjula A.
Shah (Bombay High Court)
S. 50C Capital Gains: The valuation
of the stamp authority cannot be adopted for the purpose of collecting capital
gain tax in the hands of the assessee if there is a long gap between the date
of execution of the MOU and the execution of a formal development agreement
The assessee can be taxed only on the gain which is oozing out from the
sale consideration, thus, no
adverse inference can be drawn while invoking the provision of section 50C of the Act. No evidence
has been produced by the
Revenue at any stage that the assessee actually received the value which was adopted by the stamp
valuation authority
Kerala State Co-op Agricultural And Rural Development
Bank Ltd vs. ITO (Kerala High Court)
S. 220(6) Stay of demand: If the
assessee has exercised on time its statutory remedy of filing an appeal and
also filed a stay petition, procedural fairness demands that the authorities
may wait, before taking further steps, until the appellate authority decides on
the stay petition
I reckon the petitioner has
exercised on time its statutory remedy of filing an appeal. It appears that it
has also filed a stay petition. Procedural fairness demands that the
authorities may wait, before taking further steps, until the appellate
authority decides on the stay petition
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