Assessee is private limited co and has taken the loan from NBFC co. In the year 2021-22, how ever due to financial crises could not make repayment as scheduled . Interest is provided in books and TDS is also made , however TDS has not paid. In the year Assesssee co did OTS with co by paying lumpsump payment where as per OTS entire interest was waived . ASSESSEE CO REceived SHOWCAUSE NOTICE FOR PROSECUTION FOR NON PAYMENT OF TDS from FY 21-22.. Pl guide.
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Assesseee is promoter and developers. Has taken the loan from Bank. Bank has stiputed condition that amount will be used for the project only. However, considering the status of the project, assessee has advanced the loan to its associate firm and earn the interest. Assessee has claimed the interest as part of cost of construction after reducing the interest received from associate concern. AO has not appreciated the concept Netting of Interest and made the addition on the decision of Tuticorin Alkali 227 ITR 172. Whether assessee can take a stand in appellate proceedings that since there is direct nexus…
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An assessee had not filed his return of income for the Assessment Year 2018-19 voluntarily under section 139 inspite of having taxable income. The Return of Income was filed only in response to notice under section 148. But the assessee inadvertently escaped Saving Bank Interest and availed deduction under Section 80TTA. The Assessment Unit made assessment under section 147 read with section 144B and added Saving Bank Interest and also allowed deduction under section 80TA. The Tax demanded under section 156 was duly paid within 30 days. The Assessment Unit levied 50 % Penalty under Section 270A on the Tax…
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Our trust was incorporated in 2013. Trust was having 12A but not 80G. At the time of new registration U/s 12AB, trust has applied for 80G in Form 10A in April-22. Provisional order in Form 10AC was granted on 30.05.2022. Trust was not carrying out any considerable charitable activity from incorporation. Just primary expense like Bank Charges and Audit Fees etc. It was also managing one school. In that case we have applied for regular registration in Form 10AB in the month of February as the commencement of charitable activity and first donation both happended in the Month of October-22.…
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Is levy of penalty is justifiable on disallowance u/s 36(1)(va) after terming it as Under reporting of income.
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What arguments I can take in Reply to Penalty Notice u/s 270A. My case was pending before CIT (A) on issue of disallowance u/s 36(1)(va). Subsequently my appeal was dismissed by CIT (A) in view of judgement by Hon'ble SC in case of Checkmate Services Pvt Ltd. Now the Income Tax Department has initiated the Penalty Proceedings u/s 270A for under reporting of income.
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During the course of search jewellery weighing 5646.800 gms was found which was of Gold and also some dimonds. Family of assessee consist of 18 members which includes 10 married ladies , 5 individual, 3 unmarried daughter and one adult son. Assessee submitted that considering CBDT circular about seizing of jewellery, no jewellery is to be seized , however still Investigating Officer has seized 1646 gms on the ground that all the family members are though living in same building but are having separate kitchen hence all jewellery could be considered as explained. During assesssment proceedings have once again asked…
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Indian private limited company engaged in processing of food grains opted for old scheme in A.Y. 2022-23. The company has c/f unabsorbed depreciation. If the company opts for new tax regime during A.Y. 2023-24 whether c/f unabsorbed depreciation can be set off against business income of F.Y. 2022-23 (A.Y. 2023-24)?
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Facts in Brief • An individual will receive certain amount in F.Y.2023-24 on account of sales of shares received under ESOP. • The shares were received more than 24 months back. • The company is a unlisted foreign company. • The amount paid at the time of exercising the option for ESOP more than 24 months back was negligible • No amount was offered for taxation in the year of exercise for ESOP. Query • Taxability of amount which will be received in F.Y.2023-24 on sale of shares under ESOP • STCG or LTCG • Calculation of amount of gain…
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Queries Regarding Domestic Transfer Pricing Case A 1. A partnership firm(having ‘A’ as Karta of his HUF and ‘B’ his wife as partners) is doing the business of Purchase and Sales of Grains in wholesale and semi-wholesale. 2. Total Turnover during F.Y. 2022-23 is more than Rs.20crore. 3. The assessee firm has also sold goods during the above F.Y. to a concern( in which proprietor is son of Mr. ‘A’) 4. The sales made to above concern during above F.Y. is more than Rs.20crore. 5. Whether provisions of Domestic Transfer Pricing Audit are applicable on the above partnership firm? Case…
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PROSECUTION ON TDS