S. 50C: Investment Gain – full value regarding thought – the value used by the stamp valuation power towards the big date regarding arrangement to be taken since full-value out of revenue said
The fresh new Assessee owned 2 plots which were purchased for the twenty four-08-2007. Brand new Assessee after that entered into a sale arrangement dated 12-03-2008 on the product sales regarding both the plots of land to some other business. Accordingly, brand new Assessee announced a preliminary-label financial support obtain just in the year at issue in accordance towards the deals off plots.
The AO found that there clearly was a search in the eventuality of the customer got offered this type of plots of land after converting to your brief plots of land and you will displayed huge payouts within its individual courses that was place away from against losings at discount from merchandise.
It absolutely was then held you to definitely as per the specifications from point 50C of your Operate, where time regarding agreement and you will big date out-of registration is different (as in the present case) brand new stamp obligations worth would be removed however, just however, if in which believe or area thereof might have been gotten before big date out of arrangement.
Tribunal upheld the new selecting out of CIT(A) one to no inclusion will be made in the current circumstances from inside the absence of one incriminating point and you will correctly removed the newest addition generated by the AO. not, to your merits of one’s situation, Tribunal held that Assessee had been given a little believe at enough time out of agreement and this CIT(A) wanting towards the amount one Assessee manage score benefit of proviso out-of section 50C of Operate is completely wrong.
Throughout the effects, new addition generated was deleted because of the Tribunal whether or not to your deserves of one’s instance, Tribunal governed against the Assessee.
not, in today’s circumstances, while the standing laid down because of the section 50C was not fulfilled, CIT(A) held you to definitely Assessee’s instance is included because of the point 50C thus removed the newest introduction made by the newest AO
S. 54B : Different – Allowability so you can HUF – Difference available actually prior to modification from the Finance Operate, 2013 – Modification was clarificatory in general – Person includes individual as well as HUF – HUF eligible to benefit of sec 54B.
Assessee got stated exemption u/s 54B and you/s 54F that has been denied according to Buy you/s 143(3). CIT(A) anticipate offered limited relief and you will anticipate difference you/s 54F, however, confirmed denial of exception u/s 54B.
Into focus this new Tribunal kept you to assessee HUF is actually permitted advantage of sec 54B of the Operate having adopting the reasons :
The expression assessee utilized in s 54B, got always included HUF, and further the fresh new amendment introduced because of the Finance Operate, 2013 of the staying “the fresh assessee are one or his mother or father otherwise a keen (HUF)” try clarificatory in nature.
O [We Taxation Laws and regulations, 1962 roentgen 11UA]
Term ‘person’ given that laid out inside the s dos(31) includes private in addition to HUF which HUF was called to profit you/s 54B.
Advantage of a doubt in respect off taxability away from exclusion should get to help you assessee as opposed to in order to funds. (AY. 2012-13)
S. 54F: Capital growth – Exemptions – resource in-house possessions inside the identity off assessee’s widowed girl is actually allowable – lead nexus ranging from revenue thought acquired and money internally possessions.
Stored one, nothing is when you look at the s.54F to display one to house localhookup is going to be purchased in label from assessee simply. As there try a primary nexus between sale planning gotten and you may utilized investing domestic house in title regarding partnered widowed dount invested in purchase of home-based domestic in d -17)
S. 56(2)(viib): Money from other supplies – Problem of offers at a premium – Devotion of fair market value – Worth to-be then followed possibly depending on method recommended inside r. 11UA otherwise FMV showed up from the assessee properly substantiated to fulfillment off An effective.