Hello , In one of the CHS's case , redevelopment agreement entered into between Society and Builder. Redevelopment agreement got registered and builder had paid stamp duty on the same. Subsequent to this , department has sent notice to Society claiming that since the agreement is entered into between society and builder and society has benefitted with the sum of Rs......( Value of Development agreement) in the form of new construction, enhanced area and rental expenses in the existing property as per the agreement which is otherwise taxable under the head Income from Other Sources. Whether the said valuation…
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As per provisions of section 144C(1) of the Act prior to amendment in Finance Act 2020, AO to pass a draft assessment order if he proposes to make any variation in the income or loss returned which is prejudicial to the interest of such assessee. In the Finance Act 2020 the words “income or loss returned” has been omitted. Consequent to amendment the section reads as any variation which is prejudicial to the interest of such assessee. what are the types of variations that is prejudicial to the interest of such assessee. The income returned is accepted, whether application of…
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can unlisted company charge share premium on rights to shareholder without complying with rule 11UA?
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Dear sir, On Import of goods, we need to paid ocean freight and commission paid to foreign companies is liable to deduct Tds. Please clarify
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Assessee is filing return of income and declare profit u/s 44AD. Notice u/s 148 received alleging that you have a bogus purchase from M/s X and why it should not be disallowed and profit declared by assessee shall be incoease by bogus purchase amount. He contended that since purchase is bogus and is considered in arriving net profit at 8%, hence profit will increase by amount of bogus purchase. Please comment.
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I want to have judgement of Justice Siddhartha Nautiyal, Ahmedabad ITAT Bench on 143(1) and 80P of the I T Act
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Assesse has been carrying on the business of lending money on interest, he has offered the income of interest u/s Section 44AD at 88% against the statutory requirement of 6%. 12% of the income have been incurred on expenses such as Bank charges, Depreciation, insurance of Car and its running expenses, salary of accountant/manager and Telephone Expenses. The case have been reopened for the A.Y. 2020-21 u/s 148 of the I.T Act, 1961 on the ground that income should have been offered under the head of Income from Other sources. Query: Whether the action of the A.O is justified? Any…
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Assessee is private limited co and during the course of assessment proceedings AO made the addition U/SEc.14A, Write off advances to 100% subsidiary co established in China and non submission of receipt of donation. CIT A confirm all the additions . ITAT has reduced the disallowance U/sec. 14A to the extent of exempt income. and confirm the addition made by the AO . on the ground of writeoff of advances to subsidiary co on the ground that the assessee failed to substantiate the claim made by the co. AO has levied the Penalty U/SEc. 271(1) (c) for furnishing of inaccurate…
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Dear sir , I have received wrong demand order for selling a property in 2015 which actually I have purchased and loan is availed . In this case what need to be done ? 264 or CIT Appeal
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Redevelopment Taxable in the hands of Society