Answers On Category: Income-Tax
Overseas Tour Package includes "Expenses incurred on travel Expenses incurred for stay Expenses incurred for boarding or lodging Any expenditure of similar nature or in relation thereto" Are these cumulative or even any one of them will be called overseas tour package ? '
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Does it include a flat which is never constructed by a builder even after execution of agreement ? Word "Recd" under this section means what ?
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Assessee is partnership firm engaged in the business of development of housing project. It started residential housing project in the F.y. 2013-14 and decided to adopt project completion Method for recognizing revenue . In the F.Y. 2013-14 and 2014-15 assessee has not offered any income and capitalized all cost in WIP. In the 2015-16 search u/132 was carried out at business premises , managing partner in the statement recorded u/sec. 132(4) has stated that he was not aware about offering of income on % completion Method and he accepted that he will offer income computed as per Guidence Note issued…
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Assessee is charitable trust , registered under sec. 12AA of the Act. For the AY2020-21 filed the Return of income , while filling return of income due to some software issue,deduction for expenditure inccured on the object of the trust were not claimed, however it remained unnotice till the trust received Intimation u/sec. 143(1)(a) with huge demand . What is remedy available for the trust to correct this and any decision in this context . Pl guide
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Dear Sir, If search is conducted in October 2022, can notice u/s 148 for A.Y. 2013-14 and 2014-15 can be issued as incriminating material for A.Y. 2013-14 and 2014-15 has been seized. Please clarify. Thanking You,
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Dear Sir, Please give your opinion on the following: By virtue of decision of SC dated 04.05.2022 in the case of Union of India vs. Ashish Aggarwal. Assessee received notice u/s 148A(b) dated 24.05.2022 relating to A.Y. 2013-14. The assessee reply in July 2022 mentioning that assessee did not do any transaction in the shares mentioned in the notice. The name of broker in the notice is also wrong. Assessee submitted affidavit also and asks to give details of payment made by the broker and to prove that particular shares were sold by the assessee. Assessing Officer did…
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Assessment on Assessee made u/s 143(3) for the Asst Year 2021-22. Taxable amount of purchase of Rs.10 crores from a Supplier disallowed u/s 37 as the said Suplier has denied the sale transactions with assessee.Supplier has also intimated that he is only a Watchman in a Residential Colony.Supplier has not been cross examined by the Assessee. GST amount of RS.60.00 Lakhs claimed as ITC on above purchases added as unexplained investment. Amount of Rs. 4 crore standing outstanding in the account of above supplier as on 31-03-2021 was also added as unexplained credit.The said amount was paid to the Supplier…
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what can AO add in such a case where circular trading is detected by search wing ? percentage of notional profit ? or disallow only loss ?
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when an individual proprietor converts proprietary business into LLP , will there be any capital gains u/s 45 or 50 on assets introduced as capital ?
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what is the remedy against wrong order u/s 148Ad[1] ?
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206C[1G]