A notice u/s 131(1A) is a pre-assessment enquiry to verify suspicion before launching a full proceeding. It is not scrutiny yet, but can lead to scrutiny/reopening if explanations are not satisfactory. The assessee has to respond promptly with proper documents and explanations through the e-filing portal. (read more)

Section 129 penalty has been quashed/ reduced in cases where authorities imposed harsh fines for procedural lapses without proving intent to evade tax. In Sandip Kumar Singhal v. Deputy Commissioner WPA 321 of 2023, goods were seized from godown (not in transit). The Calcutta High Court vide judgement dated 10.03.2023 quashed penalty & held S.… (read more)

The issue is not free from doubt. The better view is that the GST portion is never claimed as expense & is only a statutory liability. Therefore, there is no “amount payable” forming part of purchase/expense that remains unpaid which can be hit by 43B(h). (read more)

(i) Yes. If the quantum addition is deleted by CIT(A), the penalty u/s 270A automatically stand deleted. S. 270A penalty is for “under-reporting” or “misreporting” of income & is inextricably linked to the quantum addition. If it is held there is no under-reported income, there cannot be any penalty on that income. See CIT vs.… (read more)

It appears it is not enabled. One way is to file it as a grievance under "Services > Grievance > Submit Grievance". However, it is better to mail it to the jurisdictional CIT or submit it physically. (read more)

It looks difficult. Surrendering 12AB will trigger Section 115TD with the specified date being the effective date of surrender. Under Section 115TD(2) read with Rule 17CB, all assets held by the trust on the specified date are included in the FMV computation, unless explicitly excluded. Legally, title was transferred to the trust via registered gift… (read more)

U/s 45(1A), the gift of land (stock-in-trade) by a real estate dealer to his father is taxable as business income in the hands of the donor (assessee) at Fair Market Value (usually guideline/stamp duty value) minus cost of acquisition. (read more)

U/s 167B(1), since the shares of members in the AOP's income are not determinable, the entire total income of the AOP is chargeable to tax at the MMR. If your RWA is registered under the Societies Registration Act, 1860 (or equivalent state law), s. 167B does not apply & taxation would be at individual slab… (read more)

The ITO will consider the ITR filed under Section 148 for the purpose of assessment. (read more)

No. It is not possible to claim the deduction u/s 80-IAC without first obtaining the IMB certificate of eligible business. S. 80-IAC(3)(iii) requires the startup to hold the certificate from the IMB at the time of claiming the deduction. Also, Form 10CCB (audit report from a CA) is required to be attached. (read more)