1.What is time limit for initiating and levy of Penalty U/Sec 271DA of the Income Tax Act.1961. 2. Whether it is to be initiated in the assessment proceedings.
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Respected Sir We have filed form 4 but due to some human mistake we filed short amount and filed form 4 with lower amount. after words we received letter for short payment in May, 2022 and we have made payment in reply of such letter in May, 2022 itself. But we have not revise for 4 that time and not have any update from department also. Form 5 still not received by us. Can we revise Form 4 now and ask from department to issue form 5 for the same.
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Assessee is the co and during the course of assessment proceedings for A.Y. 20-21 on the basis of voucher seized during the course of search with other person , where in it is stated that the other person has made payment of Rs. 5 lakhs in cash and same has been added U/Sec.69 of the Act and now the assessee has received show cause Notice U/Sec. 271DA of the Act. whether Penalty U/Sec. 271DA can be levied even if addition is made U/SEc. 69 for the amount which is not recorded in the books of the assessee. whether assessee has…
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Assessee is jewellery and sold jewellery to Mr. A of Rs. 5 lakhs , Who is director of ABC co . In the assessment proceedings of ABC co it is found that cash has been deposited in Bank account of ABC co and payment has been given by RTGS from account of ABC co to assessee. Ao of ABC co intimated the said information and statement of Mr.A that transaction with assessee of purchase of jewellery is accomodations entry. On the basis of this information assessee case was reopened u/Sec. 147 and Addition of Rs. 5lakhs is made U/Sec. 68…
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Assessee is Charitable trust registered U/Sec.12 A of the Act and it has received Rs. 5 lakhs on sale of lease hold rights. Trust has invested Rs. 5 lakhs in fixed Deposits for a period more than 12 month. However while filing Return of income assessee has insteade of disclosing under section 11(1A) through oversight has disclosed u/Sec. 11(2). Intimation received U/Sec. 143(1) Assessing income at Rs. 5 lakhs on the ground that assessee has not uploaded form 10 for exercise option u/Sec. 11(2). Assessee Trust has filed rectification u/sec. 154 mentioning the error happened while filling Return of Income…
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Does NRI have to update LTCG in schedule 115AD(1)(b)(iii)provisio but this schedule is enabled only for FII/FPI. So, how does NRI declare and specify LTCG details in ITR2?
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If unspent amount of LTCG is not deposited in Capital Gains scheme before date of filing return , whether any chance of claiming exemption u/s 54 etc ?
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I have paid interest on personal loan taken for acquisition of a capital asset . i want to claim the interest paid by adding to the cost of the asset . can I have case laws allowing the same as my Ao has disallowed the same
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An Assessee invested Rs.25 Lacs in Penny Stock in Oct 2015 & sold the same for Rs 65 Lakhs in Jan 2016. He showed STCG of Rs 40 Lacs in his ROI in A.Y 2016 -17 paid 15 % tax on STCG alongwith other income. Case was reopened, the AO made the addition Rs. 65 Lacs u/s 68 which he received from sale of shares. My question is whether the escaped income will be treated Rs.25 Lacs as assessee has already disclosed Rs.40 Lacs under STCG or Rs.65 Lacs as assessed by the AO. If it is Rs.25 Lacs then…
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Hello Sir, HUF possesses a flat in a co.op.hsg.society of total 21 flat owners. With the consent of 20 owners, society is going for a redeployment. KARTA of HUF has neither signed Irrevocable Consent Letter nor the M.O.U. Shockingly, without the consent of KARTA of HUF, the society had given the possession of the premises to the redeveloper and it had demolished all the flats. What actions should be taken by KARTA and on whom? Please urge you to treat it as most urgent and guide me? Thanks & Regards, Deepak
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Time limit for initiating and levy of Penalty proceedings u/Sec. 271DA of the Act