S. 50C: Financial support Acquire – full value of thought – the significance adopted by stamp valuation authority to your time out-of agreement to be taken just like the full-value out-of selling attention
The fresh new Assessee owned 2 plots which were bought on 24-08-2007. The fresh Assessee subsequently registered into the a sale agreement old twelve-03-2008 to your deals out-of both plots to some other team. Correctly, brand new Assessee declared a preliminary-label capital acquire merely around in question with respect with the deals of plots of land.
The latest AO learned that there is certainly a venture if there is the consumer had ended up selling these types of plots echat app shortly after changing with the small plots of land and you may shown huge profits with its individual instructions that was put out of facing loss for sale from products.
It absolutely was further kept you to as per the terms away from point 50C of Work, where big date of arrangement and date from membership varies (as with the current circumstances) the fresh stamp obligation value should be pulled but only in case where attention otherwise region thereof might have been acquired through to the go out regarding contract.
Tribunal upheld the fresh new shopping for out-of CIT(A) one to zero inclusion would-be produced in today’s instance during the lack of people incriminating point and you may appropriately removed new inclusion made because of the AO. not, with the deserves of your own case, Tribunal stored that the Assessee had been given a small planning within the full time out of agreement and that CIT(A) in search of for the the quantity one Assessee perform rating advantageous asset of proviso out-of point 50C of your Act is actually completely wrong.
In the influence, new addition produced is erased because of the Tribunal no matter if toward merits of circumstances, Tribunal governed resistant to the Assessee.
However, in the present circumstances, whilst the reputation applied off by section 50C was not found, CIT(A) held you to Assessee’s situation is covered from the section 50C and hence erased brand new addition from the fresh AO
S. 54B : Exclusion – Allowability so you can HUF – Exception to this rule readily available actually before modification of the Financing Act, 2013 – Modification is clarificatory in nature – Person has private and HUF – HUF eligible to advantageous asset of sec 54B.
Assessee got reported exemption u/s 54B and you will you/s 54F which had been rejected according to Order u/s 143(3). CIT(A) acceptance provided limited save and you may greeting exception to this rule you/s 54F, but confirmed denial off exemption you/s 54B.
On the focus the Tribunal kept one to assessee HUF is actually eligible to advantageous asset of sec 54B of your own Work to possess pursuing the explanations :
The definition of assessee utilized in s 54B, got always included HUF, and extra brand new amendment introduced because of the Loans Operate, 2013 by the keeping “the fresh assessee becoming an individual or his parent otherwise a keen (HUF)” was clarificatory in nature.
O [We Tax Regulations, 1962 r 11UA]
Phrase ‘person’ given that discussed when you look at the s 2(31) has individual in addition to HUF and that HUF is called to benefit you/s 54B.
Benefit of question in respect out-of taxability off different is always to be provided with to help you assessee as opposed to to money. (AY. 2012-13)
S. 54F: Capital development – Exemptions – investment internally property inside the title off assessee’s widowed child are allowable – direct nexus ranging from deals planning acquired and investment internally possessions.
Held you to definitely, there is nothing inside s.54F showing you to family would be available in term regarding assessee simply. As there are a direct nexus anywhere between profit thought gotten and utilized investing residential domestic within the label out of partnered widowed dount dedicated to acquisition of residential family in d -17)
S. 56(2)(viib): Earnings from other source – Problem of shares within a premium – Dedication from reasonable market price – Well worth to-be used either according to method recommended when you look at the roentgen. 11UA otherwise FMV turned up by the assessee duly substantiated so you can fulfillment out-of An excellent.