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“Section 49(1)(ii)”

Section References (mined)Section 49Section 49(1)(ii)2 judgments

The decision most relied on for Section 49(1)(ii) is CIT v. S.R. Patton (193 ITR 49), cited in 53 judgments on BharatTax.

Leading authorities on Section 49(1)(ii)

CIT v. S.R. Patton
193 ITR 49 · 1992 · High Court
53
citing judgments

The Explanation to Section 9(1)(ii), introduced in 1983, widens the scope of the section and is not merely declaratory. It operates prospectively from April 1, 1979, and cannot be applied to periods prior to that date.

275(Delhi); Pr. CIT v. West Bengal Infrastructure Development Finance Corpn Ltd.
143 Taxmann.com 135 · 2022 · High Court
25
citing judgments

Where an expense is incurred for the purpose of acquiring a capital asset, and that asset is subsequently sold, the expenditure must be considered as part of the cost of acquisition of that asset for the purpose of calculating capital gains. This is because the expense forms an integral part of the cost of acquiring the asset, not an expenditure of revenue nature.

PCIT v. CIMS Hospital Pvt.Ltd.
125 Taxmann.com 227 · 2021 · High Court
17
citing judgments

The Assessing Officer can apply Rule 8D for disallowance under Section 14A only if they are not satisfied with the correctness of the assessee's claim regarding expenditure in relation to exempt income, after considering the assessee's accounts. Invocation of Rule 8D is not automatic.

Judgments citing Section 49(1)(ii)

Sanjeev Kumar Kathuria, Yamuna Nagar vs. Income Tax Officer Ward 1, Yamunanagar

In the result, the appeal of the assessee is allowed

ITA 329/CHANDI/2024[2018-19]Status: DisposedITAT Chandigarh27 Feb 2025AY 2018-19

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Ajay Jain, C.AFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 143(2)Section 143(3)Section 263Section 40A(3)

acquires any capital asset under a gift or will without incurring any cost of acquisition, there would be no capital gains liability. However, section 49(1)(ii) provides that in the case of an assessee acquiring an asset under a gift or will, the cost of acquisition of the asset ... borne by the previous owner or the assessee as the case may be. Thus, on account of the deeming fiction contained in section 49(1)(ii ), gains arising on transfer of a capital asset acquired by the assessee under a gift or will would arise. In such a case

Shri Deepak Suresh Gadge, Nagpur vs. Dy. CIT, Circle-1, Nagpur

In the result, appeal filed by the assessee partly allowed

ITA 23/NAG/2018[2013-2014]Status: DisposedITAT Nagpur28 Nov 2024AY 2013-2014

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Abhay Y. Marathe
Section 234A

acquisition of the property by the partner, the legislature had covered in the cases of dissolution of a partnership firm. The provisions of section 49(1)(ii)(b) of the Act conspicuously omits the expression ‗otherwise‘ though it covers ‗distribution of assets on the dissolution of firm‘. In other words