1.Assessment was completed u/s 143(3)/147 making additions on account of discrepancies found in survey on account of Cash in hand and Stock in trade etc. 2.On appeal the additions made by A.O. were confirmed by CIT(A) vide order dated 06/02/2020 and ITAT order dated 08/07/2016. 3.Penalty u/s 271(1)(c) of Rs.4,60,000 was levied vide order dated 26/04/2017. 4.On appeal CIT(A) deleted the Penalty on the sole ground taken regarding limitation stating that - "order of the ITAT was passed on 08/07/2016 , therefore the penalty order must have been passed by the A.O. upto 31/03/2017. However the A.O. has passed the…
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Additions were made in the Assessment order on account of discrepancies found in stock in trade ,cash in hand etc. The same was confirmed by CIT(A) and also by ITAT Penalty u/s 271(1)(C) of Rs.600000 was levied by A.O. The same was deleted by CIT(A) on the legal ground that the penalty was passed after 6 months from the date of ITAT order. The department has filed appeal against the order of CIT (A) deleting the aforesaid penalty on 2 grounds: 1.The order of ITAT was received in the office of CIT after 3 months from the date of ITAT…
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guidance value of an apartment which was booked with the builder during 2008, and took the possession in 2010. during the registration process, the builder registered under karnataka registration act the uds land portion cost ( based on guidance value) as per the agreement where as the construction cost of the apartment not included for registration purposes. it was practice generally followed by the builders for all the owners who so ever booked the property. During the relevant F.Y 2015 - 16 the assessee has sold house property for a consideration of Rs.1.00 crores as per sale deed document. The…
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Dear Sir, While filing ITR-3 for the A.Y. 2021-22. Declared the income under the head of "Income from the non-Specified profession without books of accounts" the filing software warning to fill the Balance Sheet and Profit & loss account for above-declared income. kindly help me with this issue. Thanking you, Mohamed Ali Tax Practitioner
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112A WHETHER FOR LTCG 112 A CAN BE OPTED AND LTC LOSS CAN BE CLAIMED SEPARATELY. MEANING THEREBY WHETHER ASSESSEE CAN OPT FOR 112A FOR GAIN AND OTHERS FOR LOSS ON EQUITY SALE AND ADJUST LOSS
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A partnership firm engaged in to real estate and construction activity. During the course of assessment proceedings, the Ld. Officer had raised contention of calculating notional rent U/s 22 and 23 of the Income Tax Act, 1961 for AY 2017-18 on 6 unsold completed units held as stock in trade of the business, for which BU permission was already received 1 year ago. The Ld. Officer computed notional rent and made addition under the head “Income from House Property”. Is the Officer right in making such addition, given the facts that the partnership firm (builder) was holding such unsold unit…
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In the aforesaid query the addition was made on account of investment in construction of house and the assessment was completed u/s 143(3)/147
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A search was conducted at various places of a group "G" thereafter, search was conducted in the case of persons who are connected or related with group "G". Search was conducted at the premises of Mr. X under the wrong presumption that Mr. X is connected/related with group "G". Mr. Y was similar named person of Mr. X. Actually, search was tobe conducted at the premisis of Mr. Y whereas it was wrongly conducted at the premises of Mr. X. During the search at the premises of Mr. X, not a sigle document / paper / valuable article or any…
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Mr A living in Mumbai expires, leaving behind a will for his assets, and how he wishes it distributed to his family. Several family members live in India (including the executor of the will), and some in USA (now US citizens, some born in USA). What are the tax implications for remitting the cash assets to family USA residents? PAN/Aadhar requirements? Annual amount limits etc ...?
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the assessee company had booked a flat in feb 2011 for an agreed consideration of Rs 180.00 lacs . only booking form and allotment letter was executed and a sum of Rs 25.00 lacs was paid in Feb 2011. subsequently the project went into litigation and due to development rules constraint the project was delayed and final agreement was executed in registered in sep 2017. the stamp duty valuation is Rs 250.00 lacs. The AO is seeking to tax the difference in the agreed value and the stamp duty valuation u/s 56(2)(x), though the assessee is seeking refuge in the…
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Penalty u/s 271(1)(c)