Respected Sir / Madam Request you to kindly guide on the following matter. The learned AO disallowed the deduction claimed by the appellant u/s 80IBA of the Act on the ground that the appellant had not fulfilled the conditions stipulated under section 80IBA of maintaining separate books of accounts for all the activities undertaken by it during the year under consideration and drawn the inference that appellant is maintaining common books of accounts for the entire plot only on the basis of perusal of Financial Statements .
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Sir, One of the it person new residential house construction estimate Value rs:1.50 crores Funds from bank loans rs:1 crores. Different persons each one @19,000/- total amount rs:50 lacs received for construction purpose Question: Assessess un secured loans huge rs:50 lacs amount received from different persons sec 68,69 provision applicable for it act.
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Whether non consideration of arguments submitted during hearing of the case amounts to mistake apparent from record and is amenable for filing MA before ITAT ?
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Assessment for A.Y 2013-14 was made u/s 143(3) on 01.03.2016. the case of the assessee was reopened on 08.04.2021 vide notice issued u/s 148. thereafter notice u/s 148A(b) was issued mentioning that EPF late. whether the case can be reopened under TOLA as assessment has already made u/s 143(3).
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My query is simply pertaining to a normal case where a society goes for redevelopment and enters into a Development agreement with the builder and members get larger flats for the same in the new construction. Query: Will section 45(5a) be applicable where we have to take the transfer date of the CC of the new flat as the year of declaring the cap. gains OR do we have to declare based on the date of signing the development agreement between society and developer OR the date when the member signs the agr for Permanent alternative accommodation with the developer…
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Sir, It would be really great if you could address my below issues: Facts are below: PART-1 Society goes for redevelopment and enters into a Development agreement in Feb 2013 (Registered agr with Stamp duty paid) with the developer. The existing old flats are all prior to 2001 and old. In April 2014, the developer enters into an agreement with each member for Agreement for Permanent alternative accommodation (Registered agr with Stamp duty paid) and member has to hand over their flats to the developer in 25th april 2014. (normal compensations of allowances, rent etc are all given) The New…
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Approval u/s 151 was given for A.Y 2019-20 on 30.03.2023 and notice u/s 148 was issued for escapement of income of Rs. 30 lakhs. During assessment proceedings assessee received notice u/s 144B dated 15.12.2023 but even after the notice name of the assessing authority was appearing in the notice. The notice was issued by central circle. whether faceless assessment scheme allows disclosure of the name of the assessing authority.
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As i have income from salary as well as business income for AY 2023-24. I have offered the full salary as income and claimed the TDS inrespect of Salary. With regard to my business income my GST turnover was around 26 lakhs. But my clients have deducted TDS for Rs.34 lakhs which includes GST amount and advance I received from client. Hence I have offered the GST sales ie.Rs 26 lakhs as my receipts and from that offerd income u/s 44AD. And for balance amount i have carried forward the TDS to next year. But CPC allowed the tax xcredit…
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Whether the provision of section 45(5A) of Income Tax Act, 1961 is applicable on transfer of rural agricultural land under Joint Development Agreement (JDA)? The rural agricultural land is not a capital asset as per section 2(14) of the Act, hence, in my opinion the provision of section 45(5A) should not be applicable on transfer of rural agricultural land under JDA. Accordingly, any capital gain from transfer of such land under JDA should be exempt.
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Hello Team, We, as a family of 4, have accumulated sizeable amount (cash) that is supposed to be used for retirement purposes. The amount accumulated is through a sale of property (the tax for this transaction has been paid). Our goal is to form a private irrevocable specified trust, introduce the cash into trust while forming the trust and then deploy that cash into debt and equity investments. Following are our concerns: 1. Tax implication while introducing the cash into trust - It is very much clear that there won't be any capital tax implication for introducing the cash into…
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Disallowance of deduction claimed u/s 80IBA of the Act .