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POINT OF IMPLICATION OF CAPITAL GAIN IN CASE OF JOINT VENTURE AGREEMENT OF DEVELOPMENT OF LAND INTO APARTMENTS SCHEME
" But in the meantime Assessment Officer passed Assessment Order after giving Notice imposing tax in the year of entering registered agreement of joint venture i.e. 2011 along with interest............"
As per the available data, you missed again, if at all available, any chance to prove point of taxation of capital gain over the transfer of land.
Most probably, your agreement was registered in 2011, with possession of land handed over.
Based on that tax liability arose in 2011 itself......... and as such time period to claim any exemption u/s. 54EC has been lost.
Contact some good tax lawyer who can get you exemption u/s. 54F....... Good luck.
But Sir one thing you did not reply that while going for appeal how much amount I will have to pay ? I have filed return of nil tax in the
assessment year 2012 -13 in which ITO have imposed Tax and interest of almost two crores and passed order. Will I have to pay 15% of tax assessed as advised by my C.A. or nothing as I have filed return of nil tax for that A.Y. (section 249 asvI have searched on Google), Please reply
SECTION 220 OF THE INCOME-TAX ACT, 1961 - COLLECTION AND RECOVERY OF TAX - WHEN TAX PAYABLE AND WHEN ASSESSEE DEEMED IN DEFAULT - RECOVERY OF OUTSTANDING TAX DEMANDS - PARTIAL MODIFICATION OF INSTRUCTION NO.1914, DATED 21-3-1996 TO PROVIDE FOR GUIDELINES FOR STAY OF DEMAND AT FIRST APPEAL STAGE
OFFICE MEMORANDUM [F.NO.404/72/93-ITCC], DATED 31-7-2017
Instruction No. 1914 dated 21-3-1996 contains guidelines issued by the Board regarding procedure to be followed for recovery of outstanding demand, including procedure for grant of stay of demand.
Vide O.M. NO.404/72/93-ITCC dated 29-2-2016. revised guidelines were issued in partial modification of Instruction No 1914, wherein, inter alia, vide para 4(A) it had been laid down that in a case where the outstanding demand is disputed before CIT(A). the Assessing Officer shall grant stay of demand till disposal of first appeal on payment of 15% of the disputed demand, unless the case falls in the category discussed in para (B) there under Similar references to the standard rate of 15% have also been made in succeeding paragraphs therein.
The matter has been reviewed by the Board in the light of feedback received from field authorities. In view of the Board's efforts to contain over pitched assessments through several measures resulting in fairer and more reasonable assessment orders, the standard rate of 15% of the disputed demand is found to be on the lower side. Accordingly, it has been decided that the standard rate prescribed in O.M. dated 29-2-2016 be revised to 20% of the disputed demand, where the demand is contested before CIT(A). Thus, all references to 15% of the disputed demand in the aforesaid O.M dated 29-2-2016 hereby stand modified to 20% of the disputed demand Other guidelines contained in the O.M. dated 29-2-2016 shall remain unchanged.
These modifications may be immediately brought to the notice of all officers working in your jurisdiction for proper compliance.
ALSO Refer: 1. cbdt-issues-revised-guidelines-for-stay-of-demand-by-ao-till-citas-order
2. 34-appeal/to/cit.
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