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Commissioner of Income-tax Vs. Smt. Raj Kumari Vimla Devi and anr.

Court : Allahabad

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 26(1); Stamp Act; Land Acquisition Act - Sections 23; Income Tax Act, 1961 - Sections 48 and 50C; Finance Act, 2002

Reported in : [2005]279ITR360(All)

bringing to tax on capital gain, Parliament has inserted Section 50C of the Income-tax Act, 1961, by the Finance Act, 2002, with effect from April 1, 2003, wherein it has been provided that the value adopted or assessed by

Krishna Kumar Rawat and ors. Vs. Union of India (Uoi) and ors.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2007)210CTR(Raj)553; RLW2007(4)Raj3133

accruing as a result of such transfer. Apart from the fact that Section 50C was introduced by the Finance Act, 2002 w.e.f. 1st April, 2003 and was not available when the subject compulsory purchase order was passed, this provision

K.R. Palanisamy and ors. Vs. Union of India (Uoi) and ors.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 10, 44BBB, 44AC, 44AD, 45, 48, 50(2), 50C, 50C(2), 50C(3), 52(2), 53, 54, 54B, 54E, 54EA, 54EB, 54F, 54G, 54H and 206C; Finance Act, 2002; Stamp Act, 1899 - Sections 47A, 47A(1), 47A(5), 47A(10) and 75; Wealth Tax Act, 1957 - Sections 2, 16A(1), 16A(2), 16A(3), 16A(4), 16A(5), 16A(6), 23A, 23A(1), 23A(6), 23A(7), 24(5), 34AA, 35 and 37; Registration Act, 1908; Stamp (Tamil Nadu Amendment) Act, 1967; Rajasthan Sales-tax Act - Sections 4A; Constitution of India - Articles 14, 246 and 265; Tamil Nadu Stamp (Prevention of Undervaluation of Instruments) Rules, 1968 - Rules 4 and 5

Reported in : (2008)219CTR(Mad)323; [2008]306ITR61(Mad); [2009]180TAXMAN253(Mad)

J.1. In all these cases, the constitutional validity of Section 50C of the IT Act, 1961 introduced by Finance Act, 2002 with effect from the asst. yr. 2003-04 is questioned.2. The grounds of attack and argument made for and

Neville De Noranha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Land Acquisition

Reported in : (2008)115TTJ(Kol.)390

ownership of the property, offered long-term capital gain on the aforesaid sale of the property at Rs. 12,06,169.3. Finance Act, 2002 introduced a new section viz. Section 50C, w.e.f.1st April, 2003, which reads as below: Where the consideration received

Sri Jitendra Mohan Saxena, Mohan Vs. the I.T.O. (1)

Court : Income Tax Appellate Tribunal ITAT Lucknow

Subject : Direct Taxation

was determined at Rs. 37,51,480 as per Section 50C of the I.T. Act, which was inserted by the Finance Act, 2002 with effect from 1.4.2003 i.e. assessment year 2003-04. He accordingly charged additional long term capital gains of Rs.

Navneet Kumar Thakkar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Subject : Direct Taxation

Reported in : (2008)110ITD525(Jodh.)

received or accruing as a result of such transfer.It is observed that Section 50C was inserted by the Finance Act, 2002 w.e.f. 1st April, 2003. Clause 24 of the Finance Bill as per Notes on Clauses states that the

N. Meenakshi Vs. the Assistant Commissioner of Income Tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10, 16A(1), 16A(2), 16A(3), 16A(4), 16A(5), 16A(6), 48, 50C, 50C(2), 55A, 69, 69A, 69B, 69C, 129, 142A, 142(2A), 143(3), 147, 153, 153(1), 153(3), 142, 245C, 245D(1), 245R(3), 245Q(1), 246A, 250, 254, 260, 262, 263 and 264; Indian Stamp Act - Sections 47A; Finance Act, 2006; Finance Act, 2007; Wealth-tax Act, 1957 - Sections 2, 16A, 23A, 24, 34AA, 35, 37 and 38A; Constitution of India - Articles 14 and 226

Reported in : (2009)226CTR(Mad)625

50C of the Act which is a special provision relating to the value of consideration inserted by the Finance Act, 2002 with effect from 1.4.2003. Section 50C of the Act is as follows:Section: 50C. Special provision for full value

Commissioner of Income Tax Vs. Kikani Exports Pvt. Ltd.

Court : Chennai

Subject : Land Acquisition

50C of the Act which is a special provision relating to the value of consideration inserted by the Finance Act, 2002 with effect from 1.4.2003. Section 50C of the Act is as follows: ".Section:50C. Special provision for full value

Commissioner of Income-tax-II, Agra Vs. Shimbhu Mehra

Court : Allahabad

Subject : Direct Taxation

on the date of the agreement dated 4th July, 2001. The provisions of section 50C were inserted by Finance Act, 2002 w.e.f. 1-4-2003 and were not in existence on the date of the agreement. Therefore the provisions of section

Ravi Kant Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Land Acquisition

Reported in : (2007)110TTJ(Delhi)297

at the scheme of the Act first. Section 50C of the IT Act, which was introduced by the Finance Act 2002 w.e.f. 1st April, 2003, contains for special provisions for valuation of consideration in certain cases. Section 50C(1) provides