Скачать или смотреть Whether provisions of section 50C are applicable when price of land is fixed by bank & not assessee?

Link of full case : https://taxlawsonline.com/agtlol.html...

[2024] 467 ITR 163 (Del)
[IN THE DELHI HIGH COURT]

PRINCIPAL COMMISSIONER OF INCOME-TAX
v.
H. T. L. LTD.

RAJIV SHAKDHER and GIRISH KATHPALIA JJ.

May 26, 2023.

Playlist: Section 50C, 263

A.Y.: 2014-15 | Assessee

Question: Whether provisions of section 50C are applicable when price of land is fixed by bank & not assessee?

Section 50C: Special provision for full value of consideration in certain cases
Section 263: Revision of orders prejudicial to revenue

1. For A.Y. 2014-15, assessment order was passed by A.O. u/s 143(3).

2. The Principal Commissioner was of the view that the land sold by the assessee was below the value adopted by the concerned authority for levy of stamp duty and therefore, the assessment made was contrary to the provisions of section 50C, since this aspect was not inquired into and there was under assessment.

3. The Tribunal set aside the revision order u/s 263.

4. On further appeal, High Court dismissed the appeal of the revenue and held that:

5. A.O. had issued notice to the assessee in respect of land in question.

6. Assessee replied that it was not the assessee who had effectuated the sale of land in question.

7. The bank which was the assessee’s secured creditor was unable to auction the land.

8. It was held at a meeting by the consortium of lenders to fix the reserve price of the land and it was the bank which had finally effected sale of the land to recover the dues owed by the assessee.

9. The Tribunal had rightly concluded that Principal Commissioner had failed to notice the underlying facts, while invoking the powers u/s 263.

#HTILtd
#DelhiHighCourt
#26May2023
#Section50C
#Section263
#IncomeTaxNotices
#IncomeTaxCases
#incometaxcasesanalysis
#IncomeTaxLaw
#advocateamitkumargupta
#9811291390(Call only after taking time on whatsApp)
#[email protected]
#[email protected]

Link for some important videos:

1) WHETHER TRIBUNAL CAN REMAND MATTER IN ENTIRETY WHERE DEPARTMENT DID NOT FILE CROSS APPEALS?- https://www.youtube.com/watch?v=gkqMk...

2) WHETHER ASSESSEE HAS ALSO TO CHALLENGE THE FINDINGS OF THE A.O THAT NOTICE HAS BEEN SERVED?- https://www.youtube.com/watch?v=XbZWh...

3) WHETHER EXTENDED TIME LIMIT U/S 149(1)(b) CAN BE USED ON THE BASIS OF SALES CONSIDERATION U/S 48?- https://www.youtube.com/watch?v=WuRt9...

4) WHETHER NOTICE SENT TO SECONDARY EMAIL IS VALID IF NOT SENT TO PRIMARY E-MAIL U/S 148?- https://www.youtube.com/watch?v=aAzHE...

5) WHETHER ENTRIES IN BOOKS OF ACCOUNTS CONCLUSIVE TO DETERMINE TAXABLE INCOME OF ASSESSEE?- https://www.youtube.com/watch?v=Rx8JQ...