The assessee must have requested for recording reasons . In the recorded reasons the Assessing Officer must have referred the whether there was search and seizure action against the broker . If there was a search and seizure action against the broker the issue of notice u/ s 148 is bad in law the notice… (read more)

Your observations are correct. The CBDT vide Instruction dated June 23, 2017 expressly mentioned that all scrutiny notices under section 143(2) of the Income-tax Act, 1961 (Act), shall henceforth, be issued in the revised 3 formats only. Further, the system necessary changes were made in the ITBA module in this regard. As per the procedure… (read more)

You may try to up load as annexure . It may be possible . In case if you are not able to do so, You may email in detail the problem relating to New Portal to Shri S.R Wadhwa , Chairman Representation Committee of the All India Federation of Tax Practioners (AIFTP ) who is… (read more)

One has to study the facts of the case . if the Assessing Officer has not given a reasonable opportunity before passing the order, the Assessee may file writ petition before the High Court to quash the Assessment order and pass the fresh order by giving a reasonable opportunity to the assessee. In Calcutta Discount… (read more)

As per section 254 ( 2) the assessee or revenue can make an application for rectification at any time within six months from the end of the month in which the order was passed . Courts have taken the view that , six from the date of from date when assessee got knowledge of order… (read more)

Yes it is desirable to include the agreed addition and also if certain additions were made in the assessment which are not contested in appeal may also be included the return which is to be filed under section 148 of the Act . (read more)

It is difficult to advice unless one studies all the documents . If the property is divided by executing Registered deed . The property allotted as per registered deed will prevail . In Shyam Narayan Prasad v. Krishna Prasad and Ors. AIR 2018 Supreme Court 3152 It was held that any document which is not… (read more)

One has to verify where the land is situated and whether agricultural activities were carried on regularly , who has converted the land as non -agricultural , whether seller or buyer and whether for business purposes of holding as investment . If the land is held as investment, the sale will be long term capital… (read more)

It is reported in (1997) 228 ITR 157 (St ) which reads as under Audit of accounts : Return . Assessee under obligation to get its accounts audited in view of purchase being in excess of Rs 40 lakhs whether return filed on 30 th October 1991 for the assessment year 1991 -92 in time… (read more)

As per explanation provided in Notification No. 20 & 38 of 2021 it has been clarified that the erstwhile regime of reassessment will continue for Notices whose last date of issuance is March 31, 2021 (Now June 30, 2021). Therefore, section 151 of the Act before the amendment vide Finance Act, 2021 will continue to… (read more)