Whether prosecution be launched for failure to pay the tax ?

Good evening sir. The assessee has sold a residential property and has not filed the return of income. On receipt of notice u/s 148, the return was filed and tax was paid. However, during the course of assessment proceedings, the cost of acquisition and development was reduced by the assessing officer and accordingly demand is raised. The assessee has given the sale consideration received as loan to a company, which is in the process of winding up. Hence, the assessee is not in a position to pay the taxes. If the demand is finalised assuming that the assessee loses the…

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  Whether provisions of section 56(2) (x) are applicable to Rights issue of shares ?

Good evening sir. My query is: Are the provisions of section 56(2)(viib) and 56(2)(x) applicable on rights issue of shares? Mumbai ITAT in two judgements have held that 56(2)(vii)(c) provisions are not applicable to rights issue. So, similarly can it be said that 56(2)(x) provisions are not applicable to rights issue?

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  Allowability of SAD Refund denied by Custom Authorites

SAD Refund was applied 6 to 7 years ago with  the Custom Authorities.The said amount was shown as Refund Receivable in the Balance Sheet in the year of payment of SAD custom Duty. However , the same was never offered as income. Now Custom department has rejected the said Refund application and the said amount has been debited to Profit and Loss Account.Whether this amount is allowable in current year in view of Provisions of Section 43-B,Bad Debts and Prior Period Expenses.

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  When there is change in profit sharing ratio whether provision of section 9B read with S.45(4) and 48 of the Act is attracted ?

1. Where there is only change in profit or loss sharing ratio of existing partners and no change in partners, will it get hit by section 9B? 2. Where there is only change in sharing ratio of existing partners in the assets and liabilities of the firm without any change in profit or loss sharing ratio, will it get hit by section 9B? 3 Where there are both sharing changes as above among existing partners ,will it get hit by section 9B. In all above cases no one is receiving any capital assets or stock in trade and same partners…

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  CITATION OF CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S S V GLOBAL MILL LTD

INTEREST ON COMPENSATION RECEIVED FOR LAND ACQUISITION FOR DELAYED PAYMENT/S BY NATIONAL HIGHWAY AUTHORITY OF INDIA LTD WHEHERR TAXABLE IF THE COMPENSATION ITSELF IS EXEMPT UNDER RECLLAR ACT  ? PLEASE REFER CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S SV GLOBAL MILL LTD.

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  When the assessment order is passed in the old name of the Company . when the name is changed and informed the Assessing Officer , whether the assessment is valid ?

A NAME OF THE COMPANY WAS CHANGED FROM X LTD TO SAY Y LTD. THE SAID CHANGE WAS INTIMATED TO THE AO DURING THE ASSESSMENT PROCEEDINGS. THE AO STILL PASSED THE ASSESSMENT ORDER U/S 143(3) IN THE OLD NAME (I.E X LTD.). DOES THIS ORDER VALID AS ON THE DATE OF PASSING THE ORDER THERE IS NO COMPANY BY X LTD.

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  CAN ADDITIONAL EVIDENCE UNDER RULE 46A BE ADMITTED BY APPELLATE AUTHORITY WHEN THE ASSESSEE WAS NOT ABLE TO FURNISH THE SAME DURING ASSESSMENT STAGE?

The assessee during the course of assessment proceeding, even after granting sufficient opportunity by AO was not able to furnish confirmation, bank statement and ITR of depositors from whom unsecured loan was obtained. Accordingly the AO made the addition. Now the assessee before the CIT(A) has made available and produced all the documentary evidences (as above) to substantiate the unsecured loan was genuine. On what grounds, legal arguments and judgements, the appellant should raise in order that the CIT(A) admits the additional evidence now.

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  Whether reassessment notice issued by Deputy Commissioner of Income tax is valid ?

Asst u/s 143(3) was framed by income tax officer ( ITO) for the Asst year 2013-14. Now notice u/s 148 is issued by Deputy commissioner of income tax (DCIT) . Is it valid notice.

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  Whether issue of reassessment notice is valid merely on the ground that property sold was not registered ?

Where does it says that property should be registered property for eligibility of claiming LTCG and how there be discriminations for assessee who are reqularly investing property buying and selling in a cyclic manner where department not even question or verifying whther property bought or sold are registered property under registration act Where as when assesse sold the apartment and deposited LTC in into bank LTCG deposit scheme and while requesting for NOC in form G the lowest level officer ACIT DCIT without applying any mind reopening cases interrupting the various sections and then issuing notices after notices clueless misusing…

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  Whether payment to unauthorised occupant for vacating the land is allowable as deduction as cost of improvement ?

Whether payment made to the tenant for vacating the land in his possession just before its sale is allowable as cost of improvement or expenditure incurred in connection with transfer. Whether the position would be different if the tenant is in the nature of unauthorised occupant of land?

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