Answers to queries on legal issues
FILING OF APPEAL AGAINST CPC DEMAND | |
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Subject: | FILING OF APPEAL AGAINST CPC DEMAND |
Category: | Income-Tax |
Asked by: | KARAN SHAH |
Answered by: | Research Team |
Tags: | appeal, Assessment, demand, rectification, tax demand |
Date: | October 20, 2021 |
Excerpt of answer: |
It may be desirable to file an appeal against the demand on portal . The assessee may also file an application for rectification application to cancel the demand . If the rectification is done , the appeal can be withdrawn (read more)
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Delay in exercising option as prescribed under 115BAA(5) | |
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Subject: | Delay in exercising option as prescribed under 115BAA(5) |
Category: | Income-Tax |
Asked by: | Guruprasad |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Delay in exercising option, Delay in filing Form no 10-IC, error in the portal, section 115BAA |
Date: | October 20, 2021 |
Excerpt of answer: |
As we understand, the assessee could not file Form 10-IC on or before the due date. The said Form is a mandatory requirement for claiming the benefit of a lower rate of tax. The Hon’ble Bombay High Court in the case of Sitaldas K. Motwani vs DGIT [2010] 323 ITR 223 (Bom) (HC) held that… (read more)
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Notice u/sec 153C of the Act and incriminating material | |
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Subject: | Notice u/sec 153C of the Act and incriminating material |
Category: | Income-Tax |
Asked by: | Disha shah |
Answered by: | Research Team |
Tags: | Builder, search assessment, statement, undisclosed income |
Date: | October 20, 2021 |
Excerpt of answer: |
The assessee may write to the Assessing Officer to furnish the copy of satisfaction note , copies of documents seized from the premises of builder statement of the builder and an opportunity for cross examination . If the said documents are not furnished the assessee may make an application under Right to Information Act, 2005… (read more)
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WAIVER OF PENALTY U/S 270AA AND 273A | |
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Subject: | WAIVER OF PENALTY U/S 270AA AND 273A |
Category: | Income-Tax |
Asked by: | CA KARAN SHAH |
Answered by: | Research Team |
Tags: | penalty, waiver of penalty |
Date: | October 16, 2021 |
Excerpt of answer: |
As per the provision of section 270AA , the pre-condition for Immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC the assessee has to fulfil the following conditions :- -An assessee can make an application to the Assessing Officer for grant of immunity from imposition of… (read more)
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TDS DEDUCTED IN ONE ASSESSEE BUT TO BE CLAIMED IN ANOTHER ASSESSEE | |
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Subject: | TDS DEDUCTED IN ONE ASSESSEE BUT TO BE CLAIMED IN ANOTHER ASSESSEE |
Category: | Income-Tax |
Asked by: | CA KARAN SHAH |
Answered by: | Research Team |
Tags: | Credit for tax deducted at source . mismatch form no 26AS, credit for TDS |
Date: | October 15, 2021 |
Excerpt of answer: |
The assessee may have to appeal an before the CIT (A ) for not granting the Credit for tax deducted at source . Reading together section 198 and 199 of the Act , the tax deducted at source credit should be given to the person in whose hand the income is offered for taxation .… (read more)
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Reassessment proceedings U/Sec.148 | |
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Subject: | Reassessment proceedings U/Sec.148 |
Category: | Income-Tax |
Asked by: | Ruchi Bhansali |
Answered by: | Research Team |
Tags: | charitable trust, Reassessment, school |
Date: | October 15, 2021 |
Excerpt of answer: |
The Assessing Officer is not justified in ignoring the return filed u/s 148 of the Act . The Assessing Officer has to decide the assessment as per law . The Circular No. 14 (XL-35), dt. 11/04/1955, states that a duty is cast upon the Assessing Officer to assist and aid the assessee in the matter… (read more)
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Assessment u/sec.148 r.w.s.143(3) of Income Tax Act 1961 | |
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Subject: | Assessment u/sec.148 r.w.s.143(3) of Income Tax Act 1961 |
Category: | Income-Tax |
Asked by: | CA. Deepali Shah |
Answered by: | Reply of the Expert is awaited; |
Tags: | Reassessment |
Date: | October 14, 2021 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
Applicability of Sec.115BBE | |
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Subject: | Applicability of Sec.115BBE |
Category: | Income-Tax |
Asked by: | CA. Prerna Bora |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | partnership firm, search, shortage of stock |
Date: | October 14, 2021 |
Excerpt of answer: |
As the Assessee will offer the shortage in stock found in the course of search as business income. It can be contended that the provisions of section 115BBE of the Income-tax Act, 1961 (Act) are not applicable as the same qualifies as a part of business turnover. Reference is drawn to the decision of the… (read more)
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TDS on payment made outside India for settlement of dispute | |
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Subject: | TDS on payment made outside India for settlement of dispute |
Category: | Income-Tax |
Asked by: | CA KARAN SHAH |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Settling the dispute, Tax deduction at source, TDS, TDS u/s 195 |
Date: | October 11, 2021 |
Excerpt of answer: |
As we understand, it would be important to ascertain in which jurisdiction the breach has been committed, and the nature of breach for the purpose of claiming a deduction. It would be advisable to approach the Department with an application under section 197 of the Income-tax Act, 1961 or the Board for Advance Ruling to… (read more)
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S.45(4) and S.9B | |
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Subject: | S.45(4) and S.9B |
Category: | Income-Tax |
Asked by: | Sharad Shah |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | accounting treatment, death of partner, partnership firm |
Date: | October 8, 2021 |
Excerpt of answer: |
The accounting treatment in the books of a Partnership Firm on the death of a Partner is similar to that of a retirement of a Partner. Although the partnership ceases to exist. A firm can continue to carry on the business with the existing partners. The Department may be of the view that the term… (read more)
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