As per provisions of Sec. 80IBA, the maximum value of the house to be constructed for being eligible for deduction under this section for projects approved after 1.09.2019 shall be restricted to Rs. 45 lakhs as per Stamp duty Rates. Satisfaction of condition for being eligible for claiming deduction U/s. 80IBA with respect to Stamp Duty Value up to Rs. 45 Lakhs is to be seen at what point of time i.e. only once at the time of project approval by competent Authority or whenever the unit is sold as the stamp duty value keeps on changing almost every year…
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can AO call any witness personally even if he stays beyond 500 km ? If yes, what are conditions ?
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Dear All, I have one query: The assessment Unit of The Income Tax Department has passed order U/s 147 read with section 144 for the A.Y. 2018-19. While making assessment U/s 144, the credit of Tax deducted at Source (TDS) has not been given by the assessment unit. As a result, there is increase in income tax demand to the tune of TDS and thus interest U/s 234a is charged on total tax liability. How to apply for rectification of such order? Only Rectification of intimation U/s 143(1) can be applied for through Income Tax Portal. Appeal to CIT Appeals…
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The Assessment Unit of the Income Tax Department has passed order U/s 147 r.w.s. 144 read with Section 144B in respect of Assessment Year 2018-19 and the credit of Tax deducted at source (TDS) on Salary Income has not been given. As a result, Tax Payable has increased to the tune of TDS and thereby Interest U/s 234 A is charged on the total tax liability. One can go for appeal to CIT(Appeals) or apply for Revision U/s 264 but is rectification of the aforesaid order possible U/s 154.
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Assessee is partnership firm engaged in business of real estate development. The assesse firm had appointed few contracteors to carry out construction of the project. In support of its claim for expenses , asssssee firm had submitted confirmations from all parties, giving details such as name, address, PAN and detailed account extract of all the parties and also submitted that all the payments were Made through normal banking channels. Ao issued Notices U/Sec. 133(6) to 6 parties, out that only one party responded even though the Notice U/sec 133(6) were duly served. However while completing the assessment AO had disallowed…
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The assessee is a company wherein in the assessment completed u/s 143(3) of the Act for A.Y 2021-22, addition of Rs. 70,00,000/- was made u/s 68 of the Act on account of unaccounted cash loan repayments on the basis of noting on seize papers found during the course of search conducted in the year 2021-2022. The director of the company has accepted the above referred seize paper noting in his personal capacity. However, AO has made an addition of Rs. 70,00,000/- as undisclosed income in the hands of assessee company and similar addition has been made on the protective basis…
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Assessee is engaged in the business of manufacturing of steel pipes. The books of accounts are duly audited U/Sec. 44AB of the Act. quantitative record of finished goods as well as raw material consumption is maintained . Stock register for production as During the course of assessment proceedings for A.Y. 2020-21, Assessing officer has disallowed the purchases and made the addition to total income on following grounds 1. In respect of purchases of Rs. 1015000.00 from one supplier on the Ground that the assessee has not filed the Return of Income for the relevant year. 2. In respect of purchases…
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The Assessee wrongly quoted the TAN in her return for the financial year 2013-14. Demand raised under sec 143-1 for the said financial year in Aug 2015. Now only she notices the demand but eight years have already passed. Now, she could not file any rectification or revision. What is the way out? Should she file the petition under sec 264?
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Dear Sir, Order passed by the Assessment Unit, Income Tax Department for AY 2018-19 and a Demand of Rs. 12 Lakh raised, notice of demand u/s 156 issued. Assessee is a retired employee and did not file his return for AY 2018-19. The assessee could not response to any notices issued by the Department till date as he is diagnosed with Cancer and his consultant did not inform him of the notices. My query is whether apart from revision of order u/s 264 or appeal before CIT(A), any other options available so that he can submit his responses and file…
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when indian co buys services from AE abroad there are no other transactions to compare AE has not sold services to 3rd party except indian counterpart which method will justify ALP ?
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Condition of Stamp duty Value and Claim of Deduction U/Sec. 80IBA