S. 50C: Capital Gain – full-value off idea – the significance implemented from the stamp valuation power toward time of arrangement to be taken as full value from purchases believe
Brand new Assessee owned 2 plots which were purchased toward 24-08-2007. The brand new Assessee subsequently entered into a-sale contract dated 12-03-2008 for the sale away from both the plots of land to some other organization. Accordingly, the new Assessee announced a primary-identity capital get just in the year under consideration in accordance into the sale out-of plots.
The new AO found that you will find a venture in the event of the consumer got sold this type 
of plots immediately after converting with the short plots and demonstrated grand earnings in own guides which had been lay regarding against losses on sale away from products.
It had been further stored you to definitely as per the provisions of area 50C of your own Act, in which date off contract and you will go out regarding registration varies (such as today’s instance) the fresh new stamp duty value should be taken however, just in case where planning otherwise region thereof might have been obtained till the day out of arrangement.
Tribunal upheld the new seeking of CIT(A) that zero addition would-be manufactured in the present case inside lack of people incriminating procedure and appropriately removed brand new inclusion generated because of the AO. Although not, to your deserves of case, Tribunal stored that Assessee had been given a small consideration on committed from arrangement hence CIT(A) finding into the the total amount one to Assessee create rating advantageous asset of proviso out of part 50C of Act is actually incorrect.
On result, the fresh introduction generated is removed by the Tribunal although to the deserves of your instance, Tribunal ruled contrary to the Assessee.
However, in the current circumstances, whilst condition placed down from the area 50C was not fulfilled, CIT(A) stored you to definitely Assessee’s case is covered of the section 50C and hence deleted the fresh new inclusion made by the new AO
S. 54B : Difference – Allowability so you can HUF – Exception to this rule readily available actually before amendment from the Finance Act, 2013 – Amendment is actually clarificatory in nature – Person has private along with HUF – HUF eligible to advantage of sec 54B.
Assessee had claimed exemption u/s 54B and you may you/s 54F which was denied as per Order u/s 143(3). CIT(A) invited provided limited save and you can acceptance exemption u/s 54F, however, confirmed assertion from exception you/s 54B.
On notice the brand new Tribunal held one to assessee HUF is permitted advantage of sec 54B of your Operate getting after the grounds :
The word assessee included in s 54B, got always included HUF, and additional the new modification brought in from the Loans Act, 2013 because of the inserting “brand new assessee being just one or their father or mother otherwise an (HUF)” is clarificatory in general.
O [I Income tax Statutes, 1962 r 11UA]
Keyword ‘person’ while the laid out during the s 2(31) has individual together with HUF and this HUF was named to profit u/s 54B.
Advantageous asset of any doubt in respect from taxability regarding exclusion should be given so you’re able to assessee as opposed to in order to revenue. (AY. 2012-13)
S. 54F: Resource increases – Exemptions – money in-house property within the term off assessee’s widowed child was allowable – head nexus between selling attention obtained and you will resource in house assets.
Stored you to definitely, there is nothing in the s.54F showing one family might be sold in name out-of assessee just. As there try a direct nexus between purchases said received and you may made use of investing domestic house into the identity regarding hitched widowed dount dedicated to acquisition of home-based family in the d -17)
S. 56(2)(viib): Earnings off their source – Dilemma of shares in the a made – Determination out of fair market price – Worth to get implemented often as per approach prescribed when you look at the roentgen. 11UA or FMV arrived from the assessee duly substantiated to pleasure out-of Good.
