Answers On Category: Income-Tax
Respected team, An assessee purchased a property in 2020 for a value much below the stamp duty value of the document and the value exceeds the limit prescribed under 56(2)(xb). Department issued notice for invoking provisions of sec 56(2)(xb) of the Act, what is the recourse available to the purchaser of property.
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Can Penalty u/s 271(1)(c) be imposed when the the assessment order does not record the initiation of penalty proceedings.Any caselaws on Section271(1B)?
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The notice us 148 of I.T, Act has been issued on 08.04.22 for the first time for the assessment year 2015-16, as the assessee has deposited more than 50 lakhs during the financial year 2014-15 without issuing notice u/s 148A (b) of the Act. Whether the notice issued is barred by limitation? Is it legal?
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is it possible to search query qua topics on this portal ?
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what is the procedure to shift file from one to other bench of itat if PAN is migrated ? If there is no address in INDIA for NRI If POA is in other city
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Assessee is an individual and his assessment U/Sec. 143(3) was completed for A_Y. 2016-17. Later on it was reopened U/Sec 147 on the ground that claim of Interest paid and allowed as deudction U/Sec 56 and assessment was completed U/Sec. 147 r.w.s. 143 (3) Assessing at same income which was earlier accepted U/sec 143(3). Again Notice U/Sec. 263 was issued on the ground that claim of interest paid and allowed by the AO is incorrect and therefore order is erroneous and prejudicial to the int of revenue and without appreciation of submission passed the order U/sec. 263 holding order passed…
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Can AO ask any details of sales in cash below limits u/s 269ST ? any case law
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Search conducted U/Sec. 132 prior to June 2015 on Mr. X. On the basis of documents found during the course of search. Assessee Y received Notice U/Sec. 153C. In the Satisfaction Note, it is mentioned that certain documents seized during the course search at Mr. X , pertains to Mr. Y. The documents seized were slips of cash deposits in Bank. Assessee challenge the proceedings u/Sec 153C on the ground that satisfaction is incorrect as it mentioned documents pertains to Y and not Belonging to Y. Whether proceedings initiated U/Sec. 153 c are valid ?
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I have received a summon from IT India referring to undisclosed foreign assets or interest. It does not specify any assets in specific but only assets of such nature that I have is ESPP stocks. I left the company that gave me ESPP stock in year 2020 and missed declare ESPP stock for AY 21-22. How do I reply to summon? Can I correct the ITR for FY 21-22 before replying?
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purchase of property below SDV