Assessee is a Company. Initially Income returned furnishing LTCG- (3,01,10,469) Later on return revised and LTCG furnished- (3,09,91,066) Scrutiny assessment made and Income Computed-8,80,600 i,e difference amount of above 2 figures. Details of Scrutiny assessment: Assessees Submission- Sale of Property Rs. 7,07,72,924 Cost Price Rs. 3,40,56,800 Cost of Improvement Rs. 6,77,07,191 Indexed cost of Acq & Imprv. Rs. 10,17,63,991 Long Term Capital Loss Rs. 3,09,91,067 AO Reply - Cost of Improvements were disallowed citing non submission of proof of expenditure although proof submitted(except few). Total…
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Sir, One of the female non business itr returns non filed person purchase of agriculture land value rs:25 lacs f.y.25-26 Question; Assessess ITR returns filed compulsory and purchase of assets any limit above it returns compulsory in it act
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I pitched a flat in a society in 2006 for 50 lacs. In May 2023 , development agreement was signed with developer declaring total society consideration as 9 crores for 10 members. The redeveloper gave possession of flat in Nov 2025 with 30% extra area. I purchased a flat I Under construction in june 2025 which I will get possession in oct 2027. I want to sale the preset flat now. What are CGT implications for me.
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sir, An individual taxpayer has been regularly filing ITR every year, and tax audit reports have also been filed. Recently, the assessee received a notice from the Income Tax Department under Section 131(1A) asking for submission of books of accounts and documents for the past four years. Now assessee want to know: What is the purpose of issuing a notice under Section 131(1A)? Is this notice related to scrutiny assessment, survey, or some other proceeding? What is the procedure after such a notice is issued and received by the assessee?
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If accounts are maintained on net basis (excluding GST ) and if any gst is outstanding on year end , can there be any disallowance under section 43B considering the provision of ICDS II, Section 145A. Can a view be taken that since such expenses are not claimed , there can be no disallowance. Can department take a view that GST is part of trading receipt and accordingly outstanding GST is to be disallowed.
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There are two parallel proceedings pending against the assessee for Assessment Year 2018–19: Reassessment proceedings under Section 147, and Penalty proceedings for under-reported income under Section 270A. The assessee has already filed an appeal before the Hon’ble CIT(A) against the reassessment order. However, due to serious health issues, the assessee could not file an appeal against the penalty order issued under Section 270A. I seek guidance from the members on the following points: If the alleged under-reported income is deleted by the Hon’ble CIT(A) in the quantum appeal, will the penalty imposed under Section 270A automatically stand deleted to the…
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How to file 264 petition u/s 264 through online? There is no drop down menu for this under 'e file'?
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Mr. X had built a temple on a piece of agricultural land belonging to himself in the year 1931/1932 and continued to run and manage the temple himself during his lifetime. After his demise, his lineal descendants have been running and maintaining the temple till date. In the year 2015 a Trust (Religious) was formed and registered under Sec 12A/12AB of the IT Act,1961. One of the conditions imposed by the Dept at the time of registration was that the land on which the temple was built should be registered in the name of the Trust. Accordingly, the land, measuring…
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ASSESSEE IS ENGAGED IN BUSINESS OF REAL ESTATE AND HAVE LAND AND BUILDING IN HIS STOCK IN TRADE. HE WANTS TO MAKE GIFT OF A LAND TO HIS FATHER. WILL THIS BE TAXABLE AS BUSINESS INCOME IN THE HANDS OF DONOR ,IF YES, THEN AT WHAT VALUE.
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Hello experts for an AOP which is a residential welfare association what do u mean by MMR. SHares are not determinable and hence MMR is applicable. Does MMR include surcharge also at the highest rate or does the surcharge remains as per the slabs. Income of AOP is 42 lakhs for FY 2021-22 Can u someone let me know what is the tax rate including surcharge(if any) for the above income. Above income is the interest income and other source income for the AOP. If possible quote the section so that we can advise the client along with the provision…
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Penalty Proceeding u/s270A after assessment u/s 143(3).