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capital gains on real estate

Income Tax Case Laws, Sec. 73(1), Section 50, Section 73

Madras H.C : The sale of land/property was correctly subjected to capital gains taxation in terms of Section 50 of the Act as against the computation reported as per Section 45 read with Section 48

Avijit Das / September 18, 2018

High Court Of Madras Jaidayal Prannath Kapur vs. ITO Asst. Year 2004-05 Section 50, 73(1) T.S. Sivagnanam & V.Bhavani Subbaroyan, […]

Section 132, Sec. 37(1)

Kerala H.C : Where assessee a real estate developer claimed expenditure incurred for making land suitable for sale and expenditure was supported by documents seized at time of search, benefit of presumption under section 132(4A) would be available to assessee and there would be no need for further proof under section 37, since Assessing Officer did not endeavour to carry out investigation into genuineness of expenditure made

Avijit Das / December 12, 2017

High Court Of Kerala CIT, (Central) Kochi Vs. Damac Holdings (P.) Ltd. Section 132, 37(1) Assessment years 2007-08 and 2008-09

Sec. 2(47), Section 45, Section 48

S.C : Where for want of permissions, entire transaction of development of land envisaged in Joint Development Agreement (JDA) fell through, there would be no profit or gain which arose from transfer of capital asset, which could be brought to tax under section 45, read with section 48

Avijit Das / October 4, 2017

Supreme Court Of India CIT Vs. Balbir Singh Maini Section 2(47),45, 48 Assessment year 2007-08 R.F. Nariman And Sanjay Kishan

Section 184, Section 145, Section 189

Telengana & Andhra Pradesh H.C : There can be a firm in existence both in form and substance and it is immaterial whether the object of the firm was to carry on business in real estate or for any other purpose

Avijit Das / July 9, 2014

High Court Of Telengana And Andhra Pradesh Arjundas Rajkumar Vs. CIT Section 184, 189, 145 Assessment Year 1987-88 L. Narasimha

Section 54B, Section 147

Gujarat H.C : Where assessee’s claim for exemption under section 54B was thoroughly scrutinized and Assessing Officer accepted same after examination of all details; assessment proceeding could not be reopened on ground that what assessee sold, was not an agricultural land

Avijit Das / April 29, 2014

High Court Of Gujarat Deepakbhai Ramjibhai Patel Vs. ITO Section 54B, 147 A.Y : 2009-2010 Akil Kureshi And Ms. Sonia

Delhi H.C : In order to determine taxability of capital gain arising from sale of property, it is date of allotment of property which is relevant for purpose of computing holding period and not date of registration of conveyance deed

Avijit Das / March 18, 2014

High Court Of Delhi CIT vs. K. Ramakrishnan Section : 2(42A) Ravindra Bhat And R.V. Easwar, JJ. IT Appeal No.

Bombay H.C : Surplus realised on sale of land was in the nature of capital gain and that the assessee was not a trader in land

Avijit Das / April 24, 2012

High Court Of Bombay CIT, Bombay Central-I vs. Administrator of the Estate of Shri E.F. Dinshaw Assessment Years : 1987-88

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