Daily Archives: January 28, 2025

Reopening of Assessment for Alleged Bogus Purchases – Addition Deleted Due to Lack of Evidence Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in adding the entire purchase amount to the assessee’s income under Section 68 of the Income-tax Act, 1961, by treating the purchases as bogus, based on information from… Read More »

Section 56(2)(vii)(b)(ii) not applicable to transactions before 1-4-2014. , No addition for Agricultural land purchased less than FMV Title: Non-Applicability of Section 56(2)(vii)(b)(ii) for Transactions Prior to its Effective Date Summary in Key Points: Issue: Whether Section 56(2)(vii)(b)(ii) of the Income-tax Act, 1961, which deals with the taxation of certain transactions as income from other… Read More »

Section 50C Income Tax not applicable to transfer of development rights. Summary in Key Points: Issue: Whether Section 50C of the Income-tax Act, 1961, which deals with the computation of full value consideration for capital gains purposes, applies to the transfer of development rights in land. Facts: The assessee and another co-owner entered into a… Read More »

Allowability of CSR Expenditure, Determination of Indexed Cost of Acquisition, and Disallowance of Penalty CSR expenditure allowed as business expenditure. Penalty paid for VAT violation not allowed as deduction. FMV of land at the time of acquisition considered for capital gains calculation. Summary in Key Points: Issue 1 (CSR Expenditure): Whether Corporate Social Responsibility (CSR)… Read More »