Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4%
 
 
From the Courts »
 M/s Ess Distribution (Mauritius) S.N.C.Et Compagnie Vs. Assistant Commissioner Of Income Tax, Circle -1(2)(2) International Taxation, New Delhi
 Commissioner Of Income Tax (Ltu) Vs. ESPN Software India Ltd.
 Bses Rajdhani Power Ltd. Vs. Principal Commissioner Of Income Tax,
 ITO vs. Gymkhana Club (ITAT Chandigarh)
 SRD Nutrients Private Limited vs. CCE (Supreme Court)
 The Commissioner Of Income Tax-Exemption Vs. The Fertilizers Association Of India
 The Pr. Commissioner Of Income Tax-Central-1 Vs. Sameer Gupta
 Msd Pharmaceuticals (P)ltd. Vs. Additional Commissioner Of Income Tax & Anr.
 The Chamber Of Tax Consultants vs. UOI (Delhi High Court)
 M/s Ess Distribution (Mauritius) S.N.C.Et Compagnie Vs. Assistant Commissioner Of Income Tax, Circle-1(2)(2) International Taxation, New Delhi
 M/s Ess Advertising (Mauritius) S.N.C.Et Compagnie (Earlier Known As M/s Espan Star Sports Mauritius Vs. Assistant Commissioner Of Income Tax, Circle-1(2)(2) International Taxation, New Delhi

CIT vs. Madan Theatres (Calcutta High Court)
May, 27th 2013

No s. 271(1)(c) penalty for not offering capital gains on s. 50C stamp duty value

The assessee sold property for a consideration of Rs. 2.50 crore. However, for the purpose of stamp duty, the property was valued at Rs. 5.19 crore and stamp duty was paid on that value. The assessee offered capital gains on the basis that the sale consideration was Rs. 2.50 crore. The AO invoked s. 50C and held that the sale consideration had to be taken at Rs. 5.19 crore and capital gains computed on that basis. The AO imposed penalty u/s 271(1)(c) which was deleted by the CIT(A) and the by relying on Renu Hingorani. On appeal by the department to the High Court, HELD dismissing the appeal:

Though the assessee could have disputed the valuation on the basis of the deemed value and chose not to do so, the fact remains that the actual amount received was offered for taxation. It is only on the basis of the deemed consideration that the proceedings u/s 271(1)(c) started. The revenue has failed to produce any iota of evidence that the assessee actually received one paise more than the amount shown to have been received by him. As such, there is no scope to admit the appeal

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions