Can the Assessing Officer disregard the valuation report submitted by the Assessee as per Rule 11UA of Rules ?

Assessee submitted valuation report as per Rule 11UA determining valuation of share at Rs.32/- per share. The Assessing Officer calculated Value of share as under: Share Capital - A Reserves & Surplus - B A + B divided by number of shares (c). The value came to Rs.22. The Assessing Officer made addition of Rs.10 i.e., Rs.32- Rs.22 in the hands of the company on the number of shares allotted by the company u/s 56(2)(viib) of the Act. Please let us know whether the addition is justified. Any case law in support of the assessee. Please guide us how to…

► Read Answer

  Whether the Assessee can request the DVO to make valuation report ?

Can assessee suo moto approach DVO for valuation, even if AO is not approaching DVO for the same?

► Read Answer

  whether the Assessing Officer continue with bank attachment , even after the assessee paying 20% of tax in dispute ?

The assessee has filed first appeal which is pending for final disposal , meantime the department has attached the bank account . The assessee has paid now 20% of tax in dispute . Whether the revenue will lift the attachment of bank account . If the revenue does not lift the bank attachment , what is the remedy available to the assessee?

► Read Answer

  Whether transfer of amount to sisters , which the assessee inherited from father is liable to tax .?

I just want to know, if am settling my sisters with an X amount for the property that I inherit from my father. Will that X amount is taxable or not?

► Read Answer

  Can recovery proceedings be started against a Director of Limited Company ?

Can the Department can take recovery proceedings against a Director of Limited Company under section 179 of the Act for recovery of Tax due of the Company?

► Read Answer

  Whether launching of prosecution against a Director who is a senior Citizen and not involved in day to day Activities of the Company is held to be valid ?

Assessee is a Senior citizen , he was one of the Director in a company . The department has launched prosecution against all the Directors including the assessee. The assessee has moved an application for discharging him as he was not involved in day to day activities of the company . Magistrate, dismissed his application for discharge , what is the remedy ?

► Read Answer

  Can an Assessing Officer pass a final faceless assessment order , without passing a draft assessment order ?

Assessing Officer has passed the final order , without providing a draft assessment order . Can the assessee file writ petition against the order as the Assessing officer has not passed draft assessment order which is mandatory .?

► Read Answer

  Can an Assessing Officer pass the face less assessment order , without giving a reasonable opportunity ?

Assessing officer has passed the assessment order without giving a reasonable opportunity to the assessee can the assessed file the writ petition against the assessment order ?

► Read Answer

  What is the new procedure for Registration of charitable Trust?

What is the law and procedure to be followed for renewal of Registration as per new provision of Section 12AB of the Income tax Act, 1961 (Act)?

► Read Answer

  Can prosecution proceedings be launched before completion of assessment proceedings or pendency of appeal?

Can the prosecution be initiated during the pendency and before the completion of assessment or during the pendency of Appeal before the appellate authority?

► Read Answer