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2 results for “capital gains”+ Section 56(2)(vii)clear

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Key Topics

Section 1483Section 1473Section 50C3Section 271D2Section 482Reopening of Assessment2Addition to Income2

DOLLY GHOSH,BHAGALPUR vs. ACIT CENTRAL CIRCLE 1 PATNA, PATNA

In the result, the appeal of the assessee is allowed

ITA 182/PAT/2022[2012-13]Status: DisposedITAT Patna08 Oct 2024AY 2012-13

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

Section 142(1)Section 143(2)Section 143(3)Section 147Section 148Section 234ASection 269SSection 269TSection 271DSection 271E

capital gains chargeable under section 45; (vii) the profits and gains of any business of insurance carried on by a mutual insurance company or by a co- operative society, computed in accordance with section 44 or any surplus taken to be such profits and gains by virtue of provisions contained in the First Schedule; (viia) the profits and gains

ALOK KUMAR,ARRAH vs. ITO, WARD-1(4), ARRAH

In the result, the appeal of the assessee is allowed

ITA 561/PAT/2022[2012-13]Status: DisposedITAT Patna10 Oct 2024AY 2012-13

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

Section 144Section 147Section 48Section 50CSection 56(2)Section 56(2)(vii)

capital gain under section 48 of the Income Tax Act, the full value of the property would be construed at Rs.150/-. This deeming fiction is provided in section 50C of the Income Tax Act. The ld. Assessing Officer made a reference to section 50C and observed that full value of sale consideration is being taken at Rs.1,69,56