Answers On Category: Income-Tax
There was search operation u/s132 and block assessment has been completed.During the Assessment Year 2019-20 the AO has levied a penalty u/s 271 AAB(1)(B) on count of bullion found and seized in the locker.The bullion so found and seized a gold coins which the assessee received during the golden jubilee of the Navrattan enterprise and another one at his super annuation from the Navrattan and two gold coins acquired by assessee and his wife during silver jubliee of marriage anniversay. All these facts were disclosed by assessee in the assessment proceedings. AO rejected the proposition made forward by us and…
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DEED OF TOTAL PARTITION WAS REGISTERED AND STAMP DUTY AT TWO PERCENT WAS PAID. ONE COPARCENAR WAS GIVEN RESIDENTIAL HOUSE , THE MARKET VALUE WAS RS ONE CRORE. REMAINING FIVE COPARCENARS WERE GIVEN RS TEN THOUSAND EACH BY CASH AND OR CHEQUES. STAMP DUTY OF RS.ONE THOUSAND WAS PAID WITH REGISTRATION FEES.ALL PROPERTIES TOTALLY PARTITIONED. THIS IS UNEQUAL PARTITION . IS IT PERMITTED. PLEASE REPLY WITH CASE LAWS .
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"Transfer”, in relation to a capital asset, includes: (i) Sale, exchange or relinquishment of the asset; (ii) Extinguishment of any rights in relation to a capital asset; (iii) Compulsory acquisition of an asset; (iv) Conversion of capital asset into stock-in-trade; (v) Maturity or redemption of a zero coupon bond; (vi) Allowing possession of immovable properties to the buyer in part performance of the contract; (vii) Any transaction which has the effect of transferring an (or enabling the enjoyment of) immovable property; or (viii) Disposing of or parting with an asset or any interest therein or creating any interest in any…
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once order is passed u/s 153A/C , can it be revised by PCIT u/s 263 ?
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Whether employees contribution towards pf and esi paid after due date as precribed under the prescribed under the law is disallowable u/s 36 of the IT Act, 1961 though paid within due date of filing return as per S43B of the It Act 1961
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in the case of a faceless asst/appeal , which will be jurisdictional itat/HC whose orders/judgements will be binding on the officer? a] as per address of Assessee or b] address of officer ?
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Assessee's assessment order u/s 147 was subject to 263 proceedings . Subsequently search took place in assessee group company and assessment u/s 153A concluded without any adverse inference touching upon the issues which were subject matter of earlier 263 proceedings , although the AO was unaware of any such 263 proceedings. The assessment u/s 153A had attained finality & no 263 proceedings initiated by Department against such order . The earlier 263 order was challenged before ITAT which set aside the matter back to CIT for giving opportunity. Despite the CIT informed about subsequent 153A order which has merged &…
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foreign package tour mentioned under section 206C[H] , whether it covers sale of 1] only foreign travel ticket ? 2] only foreign hotel booking ?
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The book value /FMV as per Rule 11UA of a Pvt ltd concern is Rs 200 per share. The Company declares a rights issue of 10 equity shares each against each equity shares held & accordingly equity shares are offered to all existing shareholders proprotionately to their shareholding. The fresh equity shares are offered at face value of Rs 10 each only. Few shareholders do not opt for the additional equity shares & others subsribe. Does sec 56(2)(x) get attracted to the shareholders subsribing to the issue since equity with FMV Rs 200 gets alloted @ Rs 10 only. Although…
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Date for issuing notice u/s 148 for AY 2013-14 is extended upto 30-6-2021. At the same time new section 148A is also operative w e f 1-4-2021. whether notice issued on 1-4-21 is liable to procedures u/s 148 or 148A?
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Whether additions on account of seizure of gold coins in the course of search , which was received on the occasion of Silver Jubilee of marriage anniversary and levy of Penalty under section 271AAB(1)(B) is justified ?