I have received IT department's summons under section 131(1A) for AYs 2016-17 and 2017-18 requiring me to disclose my financial interest in 2 foreign accounts that I held at that time, one was a foreign brokerage account and the other was a foreign pension account (IRA). I am still holding the brokerage account. As I was RNOR in both these years, hence I did not disclose my foreign income/assets in the IT returns that I filed for these years. Also, I was a NRI for 9 prior years, which is when I opened these accounts and all the funds deposited…
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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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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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CSR vs 80G