Answers On Category: Income-Tax
Appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order of ITAT. Here the HC has given direction to allow assessee to file under Vivad Se Vishwas scheme but the ITAT went only for condonation of delay for limitation period which was allowed by HC. Is it beyond HC's jurisdiction to give directive to assessee to go for VSV scheme ? The main question is does the HC have power under 260A to direct on issue not brought up in court ? https://taxguru.in/income-tax/hc-allows-assessee-avail-vivad-se-vishwas-scheme-benefit-due-date-considering-delay-filing-appeal-revenue.html
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Assessee is an individual. assessee filed the declaration under IDS for A.Y. 2012-13 in respect of undisclosed income. In the said declaration assessee showing nature of undisclosed income as cash. Assesse not deposit the subsequent tax instalment of IDS accordingly such IDS declaration considered as invalid . AO has issued the Notice U/s 148 on 30.03.2019 on the direction of PCIT on the ground assessee has not paid the taxes under the IDS declaration and therefore the income disclosed in the IDS for A.Y. 2012-13. whether the action of AO for reopening the the assessment for A.Y 2012-13 and considering…
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Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. Ao has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. …
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Can AO issue notice u/s 153C after he realised that notice u/s 153A was invalid due to lack of search warrant on Assessee ?
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After ITAT quashed order u/s 263 passed by pcit , AO issues notice u/s 154 on same point, what can be the remedy with Assessee? Does it partake contempt of order of ITAT ? any case law?
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Assessee is partnership firm engaged in the business of Dignostic center. During the search in the year 2017 with third party who is finance broker, a diary was found where noting about amount received and amount given , rate of interest and his commission was recorded. In the said dairy names were recorded in coded form, he has given statement that he earns only commission in the transcations , but did not disclosed the name of party. However, employee of the said assessee has given the details of names which are written in coded form. On the basis of such…
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We have filed a return u.s 148 in response to notice u.s 148, then what is the status of earlier return filed us 139?
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Can AO issue notice i/s 148A when notice u/s 263 is pending on same point ?
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In the case of the assessee co for A.Y 2014-15, Hon'ble ITAT has consider the additional ground about claim of educational cess as allowable expenditure on the basis of decision of jurisdictional HC and allowed the claim and directed the AO to ascertain the correct amount of education cess and then allow a deduction for it, after allowing opportunity of hearing to the assessee (Order of ITAT dated 17.08.2021) Department has filed an MA on 12.08.2022 on the ground that Tribunal has not considered the decision of Supreme Court in the case of CIT vs. K. Srinivasan (1972) 83 ITR…
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Does 115BBE apply to amount declared during survey u/s 133A?
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Can High Court give directive for something not brought up in court ?