Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Mar-07-2008
Reported in : (2008)301ITR171(Kol.)
..... great length. his arguments/submissions can be summarized as follows: 2. that section 40a(3) was introduced by the finance act, 1968, with effect from april 1, 1968. in the memorandum explaining the provisions in the finance bill, 1968, it was explained that the purpose behind the enactment of the provisions of section 40a(3) was to curb ..... has been contended by learned counsel sri s.k. tulsiyan that section 40a(3) was introduced by the finance act, 1968 with effect from april 1, 1968. he referred to the memorandum explaining the provisions in the finance bill, 1968 and pointed out that the purpose of introduction of section 40a(3) was to curb wasteful or lavish ..... high court in the case of kamath marbles v. ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, respectively.11. he further submitted that while upholding the constitutional validity of amendment in section 40a( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-29-2008
Reported in : (2008)115TTJ(Kol.)390
..... the assessee, having 25 per cent 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 or accruing as a result ..... amount of consideration as mentioned in the agreement of sale, which was ultimately approved by the appropriate authority by granting noc to the assessee and others and also acted upon in the final sale ' transaction, should alone be taken into consideration for computation of capital gains. in other words, the computation of capital gains as ..... on that very date or immediately thereafter, had the legal requirements of getting the sanction (permission) of the appropriate authority in terms of chapter xx-c of the it act, 1961, not been there. thus, the assessee was debarred from entering into the transaction (of actual sale of the property) under a legal compulsion. at that .....
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