Answers On Category: Income-Tax
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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when AOP is taxed at MMRate, Surcharge Should Charge at Slab wise or flat 37%
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In the case of a search/related party's case , notice issued u/s 148A instead of 148. Will AO get extension of time ?
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whether this section apples to political donations made by donor to a party which has later confessed having refunded cash on pro rata basis ? whether this will attract BMA ?
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The assessee is a company engaged in the business of manufacturing and trading of machine tools. The A.O. had made an addition of Rs. 14.5 lakhs on account of disallowance of investments and irrecoverable loans and advances written off on the ground that the said sums are given to subsidiary of the assessee company as capital investment and loan and hence are capital in nature and neither the said amount were taken as part of income in any of the earlier years without appreciating the submissions given by the assessee that amount paid by the assessee co clearly in the…
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whether ratio of 280 Taxman 334 / 125 taxmann.com 253 (Panji)(FB) ( Bom) (HC) apply to 270A as well ?
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Dear Sir, Please give your view and guide us: Order for A.Y. 2010-11 to 2019-20 have been passed on 24.04.2021 after taking approval on 23.04.2021. On 24.04.2021, it was Saturday. DIN was intimated to the assessee on 31.05.2021 mentioning in the letter that order has been passed on 31.05.2021. The body of the assessment order does not contain DIN. As per circular no.19 dated 14.08.2019, the maximum number of days for generating DIN is 15 days. The AO issued another letter dated 26.07.2021 mentioning that order has been passed on 24.04.2021 and generated another DIN for order passed u/s 153A.…
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The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. During the year assesseehad entered into Sathekhat with land owner for purchase of land on 04.07.2015 amounting to Rs. 1,85,00,000/- and paid Rs. 1.00 crores against the said “Sathekhat” and balance amount of Rs. 85.00 lakhs to be paid at the time of execution of the registered agreement for sale of land by the land owners in the name of…
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Sec153C of Income Tax Act.