Answers On Category: Income-Tax
the faceless assessing authority has rejected the claim of the assessee and levied tax stating there is under reported income and also issued a penalty notice under section 270A of Income tax act, 1961 for the assessment year 2024-2025. Since tax levied is on underreporting of income, immunity under section 270AA of the income tax act is not applicable. Whether the assessing officer can waive the penalty under section 273 of Income Tax Act. if any case laws are there please specify
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Respected Members, I seek guidance on the sustainability of an addition made under Section 69A r.w.s. 115BBE in a real estate transaction case. Brief facts: A property was purchased from a builder, and all payments were made through banking channels. A search u/s 132 was conducted on the builder group. During post-search investigation, seized Tally data / internal records allegedly showed certain buyers having paid “on-money”. The assessee’s name appears in such data against an alleged cash payment. Based solely on this third-party data, the AO has made an addition u/s 69A. Key issues: No cash was found from the…
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Dear Sir, my query is on redevelopment of commercial property, whether capital tax is applicable or not to receiver of the new owner
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ADDITION U/S 69A WHILE THE RETURN FILED U/S 44AD VALIDITY OF ADDITION
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I am planning to sell my self acquired agricultural land. The total Market value is 3.6 Cr. But the person who want to buy the land is ready to register for 50% of Market value remaining amount be is telling that, he will give the remaining 50% through cash. Is it acceptable? What is the impact of IT Dept of I accept remaining amount in cash?
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Sir, 1 a person rs:15 lacs cash deposit fd in two banks 2.a partnership firm remuneration and interest paid to two partners Question; 1.a person form 15g, 15h or new form 121 applicable TDS not deducted purpose 2.partners remuneration and interest TDS option applicable f.y.25-26
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AO has sent my client a demand notice considering the capital as income escaped from assessment. Actually client had taken loans from friend and relatives in his saving account and then transferred the same to current account. Same was not treated in books as loan and treated as capital because client took the loan in savings account and then transferred to his proprietor firm. Client has provided the PAN and Confirmations from all such lenders to AO but did not considered anything and gave order of paying tax. Is AO justified in treating such loans as income just because same…
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An Trust having Form 10AC Order for registration under section 12A and 80G of the Income Tax Act, 1961 valid from Assessment years 2022-23 to A.Y-2026-27, as assessee trust had already filed Form 10AB "Application for registration or approval " for the F.Y-2025-26 dated 07.12.2025 with condonation in respect of approval u/s 12A of the Income Tax Act, 1961. Help me in understanding the procedure further to obtain the approval as of today there is no update on the same. Also, what are further implication if the approval is not granted to the assesse trust.
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whether the assessing officer has got power to not to levy penalty under section 270A in case of under reported income, if the tax payer has paid the tax within one month,