Answers On Category: Income-Tax
The deduction claimed was wrong and 148 notice issued for income escaping assessment. When the wrong deduction now rectified and showing the correct income in ITR filed u/s 148, which return will be considered by the ITO.
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the assessee had applied for recognition as eligible business in December 2024 but is yet to obtain the recognition. IS there a possibility for the assessee to file a return and claim exemption under the section notwithstanding the fact that the recognition is yet to be obtained
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I have taken a land from Cuttack development authority for 99 years lease now the income tax department asking why 194 i will not be applied. kindly justify the same
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My case is I have given for JDA and got six Flats in return. Occupancy Certificate issued in this FY. I have sold two flats in this FY and want to retain 4 Flats and claim deferment of Tax for retained Flats.
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While the Re-assessment proceedings based on the finding in a third party search holding the fact of cash transaction itself pending in appeal which remains subjudice, whether such Penalty to be levied without waiting for decison in the appeals against re-asst proceedings.
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Reassessment Summary – A.Y. 2017-18 Original Notice u/s 148The first notice under section 148 was issued by the Jurisdictional Assessing Officer (JAO), Ward 31(1)(1), Mumbai on 27.04.2021, i.e., during the transition period between 01.04.2021 and 30.06.2021. Subsequent Proceedings post-Ashish Agarwal JudgmentAfter the Ashish Agarwal decision of the Hon’ble Supreme Court, a notice under section 148A(b) was issued on 26.05.2022 by ITO Ward 2(2)(3), Mumbai (a different officer).Thereafter, the order u/s 148A(d) and fresh notice u/s 148 were issued on 30.07.2022, after obtaining approval from the PCIT. Issues for Consideration Jurisdictional Validity of NoticeThe reassessment notice u/s 148 can be issued…
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During the F.Y 2024-25 the assessee sold the coal and on that TCS liability arises u/s 206C(1)(vii), which reads as under:- "(vii) Minerals, being coal or lignite or iron ore - One per cent:" TDS u/s 194Q was done by purchaser Query : Whether in view of the fact that purchaser has made TDS u/s 194Q than the seller is not liable for TCS u/s 206C(1)(vii) ?
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A company has transferred certain employees to another group entity along with the related Gratuity and Leave Encashment provisions. The receiving company has increased its provision by debiting the transferring company, and the transferring company has reduced its provision by crediting the receiving company. No actual payment has been made to the employees so far. As per my understanding, the amount transferred should be allowed to the transferring company by treating it as a paid amount, and disallowed for the receiving company as an expense not actually paid under Section 43B of the Income-tax Act, 1961. Kindly clarify whether this…
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148 notice issued for wrong deduction claimed in original return