S. 50C: Financing Obtain – full value out-of consideration – the importance used by the stamp valuation authority towards the day out of arrangement you need to take since the full value from sale said
The new Assessee had 2 plots which have been ordered toward 24-08-2007. Brand new Assessee subsequently entered to your a sale contract old a dozen-03-2008 into the sale off the plots of land to some other organization. Appropriately, the new Assessee proclaimed a primary-identity funding acquire simply around involved with respect toward marketing away from plots of land.
The newest AO unearthed that discover a pursuit in the eventuality of the customer got marketed such plots of land immediately following changing towards the short plots and you will showed grand winnings in individual guides that has been lay of up against loss available off commodities.
It was further held you to according to the arrangements from section 50C of your Operate, where go out regarding agreement and go out out-of membership differs (as with the present instance) this new stamp obligations really worth will likely be pulled but only however if in which said or region thereof might have been received till the big date from contract.
Tribunal upheld the trying to find out of CIT(A) you to no inclusion is made in the present case inside absence of one incriminating matter and you may consequently deleted the fresh new introduction generated by AO. Although not, with the deserves of your instance, Tribunal held your Assessee had been given a small believe from the enough time away from agreement and that CIT(A) interested in into the amount that Assessee manage rating advantageous asset of proviso away from area 50C of Operate is completely wrong.
On effects, the latest addition generated is actually erased by Tribunal no matter if to the merits of the situation, Tribunal governed from the Assessee.
But not, in the modern case, even though the updates applied down because of the section 50C was not met, CIT(A) kept one to Assessee’s instance is included by the area 50C thus deleted the fresh new inclusion produced by the AO
S. 54B : Different – Allowability so you can HUF – Exemption offered actually ahead of amendment because of the Loans Work, 2013 – Amendment is clarificatory in the wild – People comes with personal as well as HUF – HUF permitted advantage of sec 54B.
Assessee had advertised difference you/s 54B and u/s 54F that was refuted according to Order you/s 143(3). CIT(A) desired provided limited rescue and desired different u/s 54F, however, affirmed assertion of exception you/s 54B.
To your interest the newest Tribunal kept you to definitely assessee HUF are eligible to benefit of sec 54B of your own Act to have following reasons :
The definition of assessee used in s 54B, had constantly provided HUF, and additional the fresh new modification brought in from the Fund Operate, 2013 from the staying “brand new assessee are an individual or his mother or an (HUF)” is actually clarificatory in nature.
O [We Tax Laws and regulations, 1962 r 11UA]
Word ‘person’ since discussed in the s dos(31) has private as well as HUF hence HUF was called 
to benefit you/s 54B.
Advantage of a doubt according out-of taxability away from exception to this rule is to be given in order to assessee rather than so you’re able to money. (AY. 2012-13)
S. 54F: Resource increases – Exemptions – resource in-house assets in the label from assessee’s widowed child are deductible – direct nexus anywhere between income thought received and funding internal assets.
Held you to, there is nothing during the s.54F showing you to family can be sold in term of assessee merely. Since there is an immediate nexus between sales consideration acquired and put committing to residential home into the identity off partnered widowed dount dedicated to purchase of domestic house for the d -17)
S. 56(2)(viib): Money from other supplies – Dilemma of shares at the a paid – Devotion regarding reasonable market price – Worth as followed possibly as per strategy given during the r. 11UA otherwise FMV showed up of the assessee duly corroborated in order to pleasure away from Good.