ITAT Surat decides: Can negotiated-compensation given in lieu of acquisition, turn compulsory acquisition u/s 10(37) to a voluntary sale transaction?

Issue: Whether CIT(A) erred in confirming the AO’s decision of levying Long term capital gain tax? Case name: Ishwarbhai Patel v. ITO-Ward Background The assessee along with other co-owners sold the immovable property on 29.09.2008 for INR 3,80,40,000 in which assessee`s share was 1/3rd which worked out to INR 1,26,80,000. AO considered long term capital … Continue reading ITAT Surat decides: Can negotiated-compensation given in lieu of acquisition, turn compulsory acquisition u/s 10(37) to a voluntary sale transaction?

Bell ceramics (Orient Bell Limited) – Part 1

Case: Bell ceramics (Orient Bell Limited) - Part 1, ITAT Surat Issue: Validity of addition to income on account of higher consumption of raw material This case has multiple issues, and this case summary relates to one of them. Other issues will be covered in parts. Listen to case summary of Bell ceramics (Orient Bell … Continue reading Bell ceramics (Orient Bell Limited) – Part 1