Assessee is company engaged in business of manufacturing of poultry Equipments. Inflated expenses in the regular books of account. The amount paid to person are assessed to Tax and also paid the tax on the income in their hands. During the search it is found that these expenses are inflated and the cash generated out of such expenses are used for procuring the businesss. Assessee is submitted that inflated expenses in books be tax as non genuine expenses u/sec. 37 and difference between cash generated and use for paying securing business be added also not under sec. 69C as it…
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Blue Sea Investments LLP has 3 equal partners. It has made investment in property of INR 2 Cr and in a start ups of INR 3 Cr. One of the partners wishes to retire from the LLP from 1 Jan 2024 due to his old age and need funds for his day to day living / medical expenses. On 1 Jan 2024 the market value of property and value of investment in startups is INR 5 Cr and INR 9 Cr respectively. What would be the tax impact on the LLP as well as retiring partner on amount paid to…
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Assessee is partnership firm engaged in the business of manuf of pickles and spices. During the course of search action with the Mr. X certain loose papers were found . on the basis of noting on the loose papers and the explanation given by Mr. X during post search enquires and his addmission before the his application before ITSC, Notice U/Sec.153C was issued . Assessee has given detailed response to all the Notices and denied having such transcation with the Mr. X . However A O has not appreciated the submission has made the addition of 1 cr as undisclosed…
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Assessee is firm engaged in the business of construction. On the basis of noting on the seized paper found during the course of search with Mr. X, and his admission before ITSC . Notice U/sec 153 C was issued and AO with approval of Addl CIT made the addition of the amount mentioned in the seized papers as undisclosed investment of loan in the hands of assessee u/sec 68 of the Act. Before completion of assessment proceedings Addl CIT has initiated Penalty proceedings u/sec 271D and also levied the penalty U/ 271D on reliance on the same papers . Whether…
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Assessee is an individual and disclosed the jewellery of 10 kg in IDS 2016 and given the said Jewellery as Loan to Jewellers and also taken the interest in form of Gold on which TDS is also made by the jewellery firm. Whether it amounts to sale of the jewellery under Income Tax Act 1961. pl guide
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A Y 2010-11 : ASSESSEE PAID ADVANCE TAX OF RS.2 LAKHS, WHICH IS REFLECTED IN FORM 26AS. THE AO IN ASSESSMENT UNDER SECTION 143(3) DENIED CREDIT FOR THE SAID PAYMENT ON THE GROUND THAT THE SAME WAS NOT CLAIMED IN THE RETURN FILED. ON APPEAL, THE CIT(A) UPHELD THE AO'S ACTION IN NOT GIVING CREDIT FOR THE ADVANCE TAX PAYMENT. PLEASE ADVISE THE COURSE TO ADOPT FOR GETTING CREDIT. IS THERE ANY CIRCULAR OR JUDICIAL PRONOUNCEMENT IN THE MATTER?
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The requirement of Section 24(b) where the property has been acquired, constructed, repaired, renewed, or reconstructed with borrowed capital, the amount of any interest payable on such capital is allowable. The deduction can be claimed while computing the income from house property . On the facts the income from house property is not offered in the hands of co -borrower . Facts also not clear whether the co -borrower is co -owner . on the facts the assessee may not be eligible to claim deduction. under section 24(b) of the Act. In ITO v. Mamta Rajivkumar Agarwal (Smt.) (2022) 100 ITR…
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Search was condected in June ,2018.Assessment framed u/s 153 for the A.Y. 2013-14 to 2018-19 and 143(3) for the A.Y.2019-20. In first appeal CIT(A) has given some relief. Assessee filed appeal before the ITAT for the A.Y. 2019-20,2018-19 and 2017-18. The Hon'ble Tribunal declared the search as illegal and unjusified. What will be position for A.Y. 2013-14, 2014-15, 2015-16 and 2017-18. In these Assessment Years assessee has not filed appeal to the ITAT. Whether these assessments u/s 153A will be treated as quashed. Kindly clear the legal position.
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Sir, the assessee is a non resident. Her ESOP shares were sold in the financial year 20-21. The tax is paid under the head capital gains (Short term). The quantum of taxable income is Rs.106 Lakhs. She has no other income in India in any of the subsequent years or earlier years. The short term tax rate is 15%. There is a view that AMT is applicable. For that year the AMT rate was 18.5%. Please clarify on the applicability of AMT.
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Appellant has given loan of Rs. 30,00,000/- in F.Y. 2008-09 to ABC through banking channels. Just before the debit of Rs. 30,00,000/- there is a credit in the bank A/c on account of repayment of loan received by the Appellant from his debtor which was given two years back through banking channels. Interest on the said amount and TDS thereon is reflected in Form 26AS and shown in ITR. On the basis of search in the case of ABC it was concluded by the Investigation wing that the loan of Rs. 30,00,000/- is accomodation entry. Notice u/s 148 was issued…
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Inflated expenses under income Tax