The assessee sold a rural agriculture land in PY 2019-20 and the same was not shown in original ITR and now reassessment is going on. The assessee had receieved Rs. 37.5 lacs in cash and remaining payment through cheque. The assessee had given statement on oath u/s 131A that he had received cash of Rs. 37.5 lacs also the agreement of cash sale was available with department. Whether penalty under section 269SS will be levied on sale of such rural agricultural land ? Secondly, whether ITR can be filed in response to 148 notice beyond 90 days and can we…
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i hold tenancy rights to a commercial premise the tenancy is in the name of my partnership firm the entire building is going for re-development due to notice issued by MHADA under clause/rule 79 will my firm be liable to any tax due to conversion of tenancy to ownership of the property ?
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Whether online paying of poker games and winning from same be declared as profit & Gains from Business
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Tribunal recently on dated 26.06.2023 passed an exparte order on an appeal filed by the revenue and same order was served around dated 30.07.2023 mentioning the point that on perusal of record we find that department contention is correct ,whereas in contradiction to the same when we approached ITAT to check the file they refused on the pretext that same is missing ,disappointing by such act of ITAT we procured the copies of documents of such appeal proceeding under RTI act 2005 ,initially even under RTI application the documents of file was refused by ITAT by telling by ITAT that…
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Whether there are any judgements in which it is held that the provisions of section 56(2)(x) of the Income Tax Act, 1961 are not applicable in case of bonafide purchase of property. The difference between SDV and the sale consideration cannot be taxed under 56(2)(x) in case of bonafide purchase.
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Sir, Assessee an individual sold shares and earned long term capital gains (AY 2024-25). Invested in two adjoining flats by two seperate agreements, making two flats as one. Whether can claim exemption u/s 54F - refer word ONE residential house in Sec 54F. Please provide supportive case laws
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271(1)(b) - can penalty us 271(1)(b) levied for incomplete reply ?
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The assessee had not filed the ITR for the AY.2019-20 either u/s 139 or in response to notice u/s 148. In the assessment major addition of Rs.58,00,000/- was made under 69A and penalty u/s 271AAC was levied on it. In addition to this bank interest of Rs.12,000/- was added and penalty notice u/s 270A issued twards under reporting of income. In such cases what is the under reporting income , whether it is Rs.58,12,000/- or Rs.12,000/- . If it is Rs.58,12,000/- the penalty u/s 271AAC was already charged on Rs.58,00,000/- and charging again u/s 270A is not tenable, because the…
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AOP assessed at MMR of tax is paying tax at 30% with no exemption and tax is not levied based upon slab rates. It has non agricultural income of Rs 3,00,000/- and Agricultural income of Rs 40,00,000/- One of the basic condition of partial integration is that it should have non ari income above the exemption limit. Since this is an AOP taxed at MMR it has no exemption limit. In such a case will partial integration of the agricultural income be justified? The AO claims its justified. Since the AOP is not taxed at slab rates, the AO has…
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The Assessee paid 3.69 lakhs as cash to builder for acquiring flat. Since he was a salaried employee no balance sheet was prepared while filing return of income. The assessee submitted that the cash was paid out of drawings from the bank and provided bank statement showing the cash withdrawals. However the A O made addition as per provision of section 69 stating it is a clear cut case of unexplained investment. Now the assessee is in appeal against the order.Any guidance or case laws for deletion of the addition.
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Sale of Rural agriculture land