Assesseee is trader of goods and duly register under GST Act. During the course of search of other party , cheque book of the assessee has been found and even accountant of the assessee has accepted that the sales effected to party are only accommodation entry. Ao during the course of assessement of assesssee has rejected books of accounts of the assessee and proposed to tax 5% of total transcation with the party where search conducted as estimated income in the hands of assessee . Is action of the AO is justified and whether assessee can submit that the 5%…
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Respected Sir, A company opted for concessional tax rate u/s 115BAA for AY 2020-21, did not file form 10 IC even within the extended period of 30/06/2022. It is faced with tax demand from CPC, what steps can be taken by the company to get the concesional tax u/s 115BAA
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We have Filed IT return for FY 2021-22 with deduction u/s 80IBA. and no option to file 10CCB was available that time as well. Now, Notice received saying you claimed deduction u/s 80IB and not filed for 10CCB. so not allowed for deduction. what action to tackle on this?
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Assessee is private limited co and engaged in business of manufacturing of spare parts of vehicles etc. Search U/Sec. 132 has conducted on the ground that assesssee has effected the purchases from the parties which are only providing accomodation bills and there GST numbers were cancelled subsequently due their involvement in issuing fake invoices. During the course of assessement proceedings assessee submits that it purchases are genuine and duly supported by all evidences such as invoice, material inwards note, payments by banking channel, transport receipts. When the asssessee effected purchases the supplier GST number was valid and same was also…
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I would like to inform you that I had filed an application in Form-1 & Form-2 under the Direct Tax Vivad Se Vishwas Act, 2020 for A.Y. 2015-2016 on 30/12/2020. In this regard I had downloaded Form-3 on 28/01/2021 issued by PCIT reflecting a demand of Rs.34,56,196/- to be paid before 30/09/2021 without additional amount and demand of Rs.39,27,815/- to be paid before 31/10/2021 with an additional amount. Further I had made the tax payment of Rs.34,56,196/- on 27/08/2021 and filed Form-4 on 16/09/2021. After following up with the officer for non-issue of form-5, I was informed that revised Form-3…
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Assessee is an individual. During the course of search on the residential and business premises in the year 2011. Undisclosed jewellery was seized . The assessee has disclosed the same and paid taxes due . When assessment and appeals of group concerns and family members were completed , since 2016 assessee is pursuing the matter for release of jewellery. However no action is taken on the application made for release of jewellery. In the year 2021, again search took place and again some jewellery was seized. Now PCIT is not releasing jewellery on the ground that there is liability going…
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1] If an owner of land/bldg is other than individual or huf , will JDA attract capital gain tax u/s 2[47] soon upon registering the same in the case where only area sharing is fixed as consideration ? If yes, what shall be its valuation ? Will it make any difference if huge refundable securities is paid to owner by co-developer, which is over and above are sharing ? 2] Will it make any difference, if JDA agreement is unregistered ? 3] Will section 50D come into play in both above cases ?
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Assessee is charitable trust having registration under Bombay Public Trust and U/Sec 12A of the Income Tax. The main object of the trust is of Educational activities. The trust has constructed a building with the support of corpus donations. However could not commenced the Educational activities and therefore given the said property on rental basis to another trust having similar object. Issues : 1. How to offer income from rent for Tax ? Whether it is income from house property or Income by claiming exemption U/sec.. 11 of Income Tax Act. 2. How to maintained books of accounts of mercantile…
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Assessee is individual and engaging in carrying the administration of funds of group. while doing so he accepts the funds from the group concerns and individuals on the interest rate of 12% p.a and provide the funds to the Group concerns and individuals who are in need of the funds and charged the interest @14% p.a. Assessee has also his own capital which he is utilizing for this purpose only. Assessee has offered the net income as income from business and profession .There is no direct nexus between the funds borrowed and funds given to sister concerns. During the course…
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Assessee is private limited co , which is 100% subsidiary of listed Public Limited co. In the scrutiny proceedings for A.Y. 20-21, Assessing officer has show cause as to why the Share Premium received by the company in the financial year 2010-11 and 2012-13 and 2013-14 should not be added by invoking the provisions of Sec. 56(2)(viib) , since as per his interpretation the words used " any previous year" in the section authorizes him to make such addition. Assessee submitted that these provisions are not applicable for the share premium received in the F,Y, 2010-11 and 12-13 and even…
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Estimation of income in the hands of accommodation entry provider under Income tax Act.