Answers On Category: Income-Tax
Query: (i) Whether HUF will continue? (ii) Who will be karta of HUF as the male member is minor? (iii) Can the partition be made by the karta?
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Query:- (i) Can the surrender of stock be treated as undisclosed u/s 69 of the Act? (ii) Application of section 115 BBE is correct in law or it can be treated as business income taxable at normal rate? (iii) Is it possible to apply 115BBE by passing 154 order when section 69 is not applied?
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Mr Headache is a Non Resident Indian bought a house at Delhi, from original allottee in 2020. The registry and delivery of possession is given by the builder in November 2021 in the name of Headache's wife Mrs Migraine, as the stamp duty chargeable to ladies have concessional rate for total consideration of Rs 2 cr. Mr Headache sold his inherited house in Maharashtra in October 2022 where he made a capital gain of Rs 90 lakh chargeable to Income Tax. He has following query Is it allowed in FEMA to purchase a residential house in India by an NRI?…
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Company has opted for “Vivad Se Vishwas Scheme, 2020” and intends to pay the disputed tax under this scheme itself by 30.06.2021. However, the same could not be paid as on date. The Company had already filed the appeal to CIT(A). Company now intends to pay the taxes via said scheme in year 2024. Can company pay the said amount under the said scheme.
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Assessee is an individual and has some financial transaction with the director of the company in which search action U/Sec. 132 was conducted . In the search a hard disk was found where the noting about the financial transactions were made for the F.Y 2018-19 . Some entries on the name of the assessee were also found. on the noting name of the firm in which assessee is partner is mentioned. Assessee has denied any transaction in cash with the company and also asked the documents and statement of persons on the basis of which the AO has drawn the…
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In the case of an assessee Hon'ble ITAT deleted the addition before the Judgment of Hon'ble SC in the case of Checkmate Services Pvt. Ltd. maintained by Ho'ble CIT(A) on account of payment of employees contribution to PF/ESI after due dates under the respective laws but before the due date of filing ITR. The aforesaid addition in dispute was made by CPC in Intimation u/s 143(1)(a). The department has filed M.A. within time limit before the Hon'ble ITAT. Query: Q1. Since the appeal effect is less than 20 Lakhs whether the M.A. is maintainable? Q2. Since the addition in the…
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If flat is transfered through Gift Deed to non relative (ex to Registered Trust) , whether provisions of section 50C of Income tax act will be applicable to Doner? Any case law / Citesation if any available please provide
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Assessee is company engaged in business of manufacturing of poultry Equipments. Inflated expenses in the regular books of account. The amount paid to person are assessed to Tax and also paid the tax on the income in their hands. During the search it is found that these expenses are inflated and the cash generated out of such expenses are used for procuring the businesss. Assessee is submitted that inflated expenses in books be tax as non genuine expenses u/sec. 37 and difference between cash generated and use for paying securing business be added also not under sec. 69C as it…
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Blue Sea Investments LLP has 3 equal partners. It has made investment in property of INR 2 Cr and in a start ups of INR 3 Cr. One of the partners wishes to retire from the LLP from 1 Jan 2024 due to his old age and need funds for his day to day living / medical expenses. On 1 Jan 2024 the market value of property and value of investment in startups is INR 5 Cr and INR 9 Cr respectively. What would be the tax impact on the LLP as well as retiring partner on amount paid to…
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Assessee is partnership firm engaged in the business of manuf of pickles and spices. During the course of search action with the Mr. X certain loose papers were found . on the basis of noting on the loose papers and the explanation given by Mr. X during post search enquires and his addmission before the his application before ITSC, Notice U/Sec.153C was issued . Assessee has given detailed response to all the Notices and denied having such transcation with the Mr. X . However A O has not appreciated the submission has made the addition of 1 cr as undisclosed…
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The assessee HUF consist of husband H, wife W, Daughter D, and minor son S. It is assessed to I.T. Act. The husband A expire in a road accident on 10.04.2023