Whether legal heirs are liable to pay Capital gains tax in respect of property which was sold before his death ?

Sir, There is a sale of immovable property during the financial year 2020-21 in the month of August. However, the assessee has died at the end of the year in the month of March 2021. Is there a liability to pay capital gain tax on this sale by the legal heirs? Please clarify

► Read Answer

  Jurisdictional Assessing Officer for issuing notice u/s 148 of I T Act

In case of assessee,  there was no assessment u/s 143(3) of I T Act for ay 11-12.  There was only intimation us 143(1) from CPC. Under such circumstances who will be the jurisdictional assessing officer for issuing notice u/s 148 in March 2018 ?  Whether erstwhile JAO for ay 11-12 or assessing officer having charge over assessee on the day of issuing notice on the basis of income criteria or any other criteria? Please guide.

► Read Answer

  Time limit for scrutiny assessment AY 2020-21

Sir, What is the time limit for issuance of notice for fy 2019-20? Will the reduced time limit of three months apply as against the original period of 6 months? Notices u/s 143(2) were already received in few cases before 30-06-2021. Can it be considered that all the notices are issued and no further notices will be issued? Please clarify.

► Read Answer

  Can reopening of second reassessment is permissible if the assessment was done u/s 143 ( 3), after approval of higher Authority ?

After order u/S 143(3) and assessments u/S 151 a can officer issue notice u/S 148.

► Read Answer

  Whether return in response to notice u/s 148 is required to be filed or mere letter stating that the return already may be taken as return in response to section 148 of the Act ?

sir, In response to notice u/s 148 , is it required to file return of income or is it enough by giving reply that return already  be taken as one in response to re opening notice. some officers insist  on filing of return .

► Read Answer

  Send us the copy of Judgment on reassessment , in CIT v. Smithkline Beecham Consumer Brands Ltd. (2003) 126 Taxman 104 (Chd.) (Mag.).

Need a case law of CIT v. Smithkline Beecham Consumer Brands Ltd. (2003) 126 Taxman 104 (Chd.) (Mag.).

► Read Answer

  Whether Section 40A(3) is applicable in respect of payment made on account of wages ?

Sir, I have made cash payment of Rs. 16,000 and Rs.11,700 (payment above 10,000/- ) in a day to my workers on account of wages. Whether, this can be subject to addition u/s 40A(3). Kidly communicate supporting case law on the subject.Assessment Year 2019-20.

► Read Answer

  DLC or circle rate of immovable property fixed by stamp duty/ Registrar office

Sir, Whether AO can make addition in the case of purchaser of property of the diffrence of actual purchase as per document and  DLC rate fixed by the registrar for stamp duty purpose. In my case actual purchase rate is lower to the DLC rate. whether declaration of deemed income is necessary. Presently, transactions are made below the DLC rate. Kindly clear whether DLC  rate is only considered for capital gain purpose and it is not applicable to purchaser of the property.

► Read Answer

  Whether ITAT can see the satisfaction note dwawn before search

Whether ITAT can see the satisfaction note drawn before search . S. 132 , 254 ( 1)

► Read Answer

  Re-assessment Proceedings/ Double Taxation. Applicability of section 153C

Assessment for A.Y 2012-13 was reopened by issuing notice U/S 148 on the allegation that the assessee has received Bogus commodity profit through banking channel and passed on cash as per statement of broker. The assessee had shown the profit on commodity and offered the same for taxation in the original return and also in the return filed in response to 148 notice. No deduction from the aforesaid income was claimed. Apart from various legal grounds of appeal one of the ground is , since the income has already been offered to taxation the addition of the same again on…

► Read Answer