As per the provisions of section 270A(8) where under reported income is in consequence of any misreporting then the penalty shall be equal to 200% of the amount of tax payable on underreported income. Immunity from imposition of penalty and prosecution u/s 270AA is available only when the penalty proceeding is initiated for underreporting of… (read more)

CBDT vide Circular No.19/2022 in F.No. 225/49/2022/ITA-II dated 30.09.2022 had extended the last date for filing various audit reports for AY 2022-23 to 7th Oct 2022 which was earlier 30th Sep 2022. The said extension was also applicable to charitable organizations with respect to audit report in Form No.10B. If the assessee has not filed… (read more)

As per the provisions of Rule 45 r/w section 140 and 249(1) of the Income Tax Act, appeal has to be made in Form No.35 and to be verified by the Principal Officer / Authorized Signatory. The cooperative society through its present Secretary can write a letter to the CIT(A) informing that the former Secretary… (read more)

1. The first objection of the assessee is that the copy of approval not provided with notice under Section 148A(b) and order under Section 148A(d) but provided with notice under Section 148 which was issued on 31.08.2024.Here it may be mentioned that Section 148A(b) notice does not require any approval, however, the guidelines F.No.299/10/2022. Dir(Inv.III)/611… (read more)

In reply to question No. 7 it is the question asked that can the penalty under section 271D can be saved or avoided, In this respect it may be pointed out that there is violation of section 269SS that prohibits accepting of specified sum, cash of more than Rs.20000/- in immovable property transaction. The penalty… (read more)

In this case the surrender of tenancy rights of commercial premises are subject to capital gain, the receipt of immoveable property in lieu of tenancy right will be the consideration for such surrender. The assessee cannot claim any exemption from capital gains in such cases as what is received is commercial asset, however if the… (read more)

Online playing of poker game can be treated as a business based on the frequency of the playing but the player has to maintain the complete record of the game, losing and winning also expenses incurred so that he can explain in his income tax return that what amount of income he has earned. It… (read more)

In this case an application for rectification may be submitted along with condonation of delay application narrating all the facts, the tribunal will normally condone the delay. The wording in section 254(2) for limitation is “within six months from the date of receipt of order” therefore it is advisable to file appeal before the high… (read more)

In Elvis Zepherin Crasto v. ITO [ITA No. 1921/M/2022] dated August 23,2023 for assessment year 2018/19 the facts were as under: An assessee was a Non-Resident of individual based in Dubai, UAE with his family. Assessee filed his return of income for the A.Y. 2018- 19 on 28.08.2018 declaring total income of Rs. 2,20,630/-. The… (read more)