No Addition Allowed Under Section 50C as DVO Valuation Difference Was Under Tolerance Limits Issue Whether the addition made under Section 50C based on the Departmental Valuation Officer (DVO)’s valuation is sustainable when the difference between the actual sale consideration and the DVO’s valuation is less than 15%, and whether the CIT(A) erred in adopting… Read More »
A long-term lease within a family partnership firm does not constitute a capital asset transfer. A long-term lease within a family partnership firm does not constitute a capital asset transfer. Issue Whether a long-term lease of agricultural land executed by a co-owner in favor of a registered family partnership firm constitutes a “transfer” of a… Read More »
A bona fide claim on a complex, nascent legal issue like POEM does not justify a penalty for misreporting. Issue Whether a penalty for “misreporting of income” under Section 270A(9)(a) can be mechanically levied at 200% when an assessee makes a bona fide, legally plausible claim in a revised return based on a complex and… Read More »