Assessee is filing return of income and declare profit u/s 44AD. Notice u/s 148 received alleging that you have a bogus purchase from M/s X and why it should not be disallowed and profit declared by assessee shall be incoease by bogus purchase amount. He contended that since purchase is bogus and is considered in arriving net profit at 8%, hence profit will increase by amount of bogus purchase. Please comment.
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I want to have judgement of Justice Siddhartha Nautiyal, Ahmedabad ITAT Bench on 143(1) and 80P of the I T Act
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Assesse has been carrying on the business of lending money on interest, he has offered the income of interest u/s Section 44AD at 88% against the statutory requirement of 6%. 12% of the income have been incurred on expenses such as Bank charges, Depreciation, insurance of Car and its running expenses, salary of accountant/manager and Telephone Expenses. The case have been reopened for the A.Y. 2020-21 u/s 148 of the I.T Act, 1961 on the ground that income should have been offered under the head of Income from Other sources. Query: Whether the action of the A.O is justified? Any…
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Assessee is private limited co and during the course of assessment proceedings AO made the addition U/SEc.14A, Write off advances to 100% subsidiary co established in China and non submission of receipt of donation. CIT A confirm all the additions . ITAT has reduced the disallowance U/sec. 14A to the extent of exempt income. and confirm the addition made by the AO . on the ground of writeoff of advances to subsidiary co on the ground that the assessee failed to substantiate the claim made by the co. AO has levied the Penalty U/SEc. 271(1) (c) for furnishing of inaccurate…
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Dear sir , I have received wrong demand order for selling a property in 2015 which actually I have purchased and loan is availed . In this case what need to be done ? 264 or CIT Appeal
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We have applied under VIVAD SE VISHWAS SCHEME against the demand mentioned in the Order for the relevant year. income tax authority issued Form 5, but its not updated in their system. and now the authorities also adjusted my refund against that due amount which i have already paid under vivad se vishwas scheme. what is remedy with me ?
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Assessee is an individual. Search U/Sec. 132 has been conducted on 4.11.2017. Assessee has not filed the Return of Income for A.Y. 2017-18 U/SEc. 139(1), however the time limit for furnishing the Return was 31.03.2018. Meanwhile the assessee has received the Notice U/Sec. 153A and therefore the assessee has filed the Return of income for A.Y. 2017-18 in response to Notice U/SEc. 153A on 25.03.2018 disclosing the income at Rs. 4750000.00 which included income for LTCG and STCG. The assessing officer has completed the assessment U/SEc. 153A r.w.s 143(3) by making an addition of 675000.00 on account of diffidence between…
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Against the order passed u/s 148A(d), assessee filed writ before Delhi High Court. Hon'ble Delhi high court allow the instant writ petition and set aside the order passed u/s 148A(d) of the Act. However the respondents i.e. department are granted liberty to initiate proceedings from the state of the notice dated .... u/s 148A(b) of the Act with due notice to the writ petitioner. In this case time limit for completion of case is 31.03.2014. Hence, my question is how to complete case afresh. what is new time barring date. when to pass order u/s 148A(d)
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Good evening What is the course of action to undo the ex-party assessment u/s 147 rws 144 done by faceless assessment unit. After remand or set aside by CIT (A), where the jurisdiction will fall for reassessment? Ie., jurisdictional ITO or faceless unit. For stay of demand whether certain payment of 20% is mandatory in the first appeal. When the assessee has no fin capacity to pay , then what is the recourse. Is there any favorable possibility incase a. Business closed b. Issue is 6 years old record not readily available. Regards to team of experts …
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I hv received a notice u/s 148 as the ITR has not been filed. My query is whether I can claim refund in the ITR.
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disallowance of purchases