a firm has 2 partners who are real brothers . They wish to gift a depreciated office of the firm to first son of third brother and non depreciated building of the firm to another son of 3rd bro, firm has running business too for the existing partners . Any tax liability any other section like 56 [2]/45 etc in the hands of firm, partners and 2 sons of 3rd brother ? can firm give gift as above ?
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Non residents are now eligible assessee u/s 144(15) for the purposes of draft order & for approaching DRP in case of adverse order. Whether same procedure would be warranted at the time of processing of return filed by Non Resident . Prima facie, answer is in affirmation as there is nothing to suggest that section 144C applies only to 143(3) / 144 assessment . (ii) if the case of non-resident is also a search case , how the direction of DRP and approval u/s 153D would reconcile
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During the course of assessment proceedings, AO notice that in some loan transcation assessee has accepted loan in Cash and assessee has also given confirmation from the lender that he is assesssed to tax and disclosed the transcation in his books of accounts. Assessment U/Sec. 143(3) was completed on 31.03.22 by accepting Returned income. There is no mentioned about contravention of provisions of Sec. 269SS of the Act. On 10.05.2022, he made a reference to Joint CIT about contravention ofprovisions of sec. 269SS and initiation of penalty proceedings u/Sec. 271D of the Act. The JCIT o 10.06.22 initiated penalty proceedings…
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Sir my father sold land on 2016 and paid TDS, he was died on 2017, we got 148A notice now 2023, he was undergone cancer treatment during year 2017, 20 lakhs was spent for treatment remaining he closed all his debts, we dont have any documents regarding that. How can we handle this
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Can ITAT decline to hear appeal against order u/s 263 just because another order u/s 143[3] r w s 263 is passed making those additions ?
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will deduction be denied to donor if certificate of such donee party is revoked after donation is given ? can 115bbe be invoked ? will it attract 200% penalty u/s 270A? can penalty be imposed u/s 271AAc in addition to 270A? Can penalty be levied u/s 271AAD in addition to above said penalties ? Is prosecution possible ?
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Can a application for rectification be filed where the assessing officer makes an addition under 69A when the section is not applicable In the present case the addition has been made on account of a "transaction" recorded in the books of account. In the present case the assessee a stock broker on clients orders executed orders of purchase and sale of shares through the national stock exchanges. on behalf of an alledged paper company duely registered with the ROC all transaction being carried out through banks and dmat accounts. The total amount RECEIVED on account of such transactions was around…
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Search u/sec. 132 of the Act is carried out in the month of Jan 2023 and incriminating documents are found for the FY 2010-11 to Jan 23 are found. How many years of assessment will be re opened for 6 years or 10 years proceedings the year of search 22- 23.
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An Person of Indian origin, who is having US citizenship, has after working in Canada and USA for many years, has not settled in India and is residing in India for more than 15 years and his status as per Section 6 of Income tax act is Resident and Ordinary resident. He is filing regular return in India with respect to his Indian income and He is also filing return in USA with respect to his income in mutual fund, investments etc derived in USA. He has never shown his investment held in USA in ITR - Schedule FA. So…
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The appellant is an Association of Person engaged in the business as builder and developer. Search action was conducted in the case of Group of cases on in the Aug 2016. A Notice u/s 153A was issued and duly served upon the assessee requiring the asseeseee to file return of income including undisclosed income. The appellant e-filed the return of income for A.Y.2015-16 . The assessee was developing a single project and the developer claimed to be following completed contract method of accounting for the purpose of revenue recognition. During the course of hearing various details were called for and…
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gift to nephews