Assessee is a partnership firm engaged in the business of manufacturing and job work of engineering goods. Search u/s 132 of the Act was carried out in the month of January,2018. While filing return of income in response to notice u/s 153A, assessee firm discloses additional income on account of unaccounted scrap sale. This scrap sale has been worked out by estimating burning loss at the rate of 20% and the assessee firm declared income as unaccounted scrap sale. Penalty proceedings u/s 271(1)(c) are initiated for concealing the inaccurate particulars of income in the assessment order. Notice u/s 274 r.w.s…
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Background As on 01 April 2022, Company ‘B’ Private Ltd (‘Co. B’) is a wholly owned subsidiary of Company ‘A’ Ltd (‘Co. A’), which is a listed Company. On sale of shares of Co. B by Co. A, owing to application of Section 79 of the Act what will be the fate of brought forward losses amounting to INR 100. Scenarios Co. B sell its entire shareholding in Co. A to a Listed Company Co. B sell its entire shareholding in Co. A to a private limited Company which is a wholly owned subsidiary of the listed Company Co. B…
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1] c0-legal heirs offered rent income as AOP for years 2] can LTCG be later taxed in individual hands of legal heirs since buyer reuses to buy property from AOP?
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Many people having below taxable income in ay 22-23 and 21-22 have not filed returns of ITAX. what is their remedy now for getting refunds?
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Sir, The return was Originally Processed U/s 143(1). Time limit for revision has elapsed. Assessee has filed his return in wrong Form i.e. in ITR 4 instead of ITR-3 and by mistake has not disclosed his information regarding his Directorships and Shareholdings in his private limited companies, moreover some TDS credit claims were not made in the return, though the Income was properly disclosed. Rectification could not be filed. My Question is:- What remedy do the assessee has for claiming his TDS credits, which was not been claimed at all in his Original Return ? Whether the assessee can file…
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The notice us 148 of I.T Act , aswellas , notice u/s 148A(b) of Income tax Act has been issued on 08.04.22 for the first time as the assessee has deposited more than 50 Lakhs in financial year 2014-15 .My Querry is that whether the notice issued is barred by limitation or well with in the time?
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Dear Experts, Company A (unlisted company), issues Rights to its existing shareholders in the ration of 5:1. One of the shareholder renounces the Rights in the favour of one of the employees of Company A (at Zero price). The face value of the shares is Rs. 10. The employee buys the shares at Rs. 10 from Company A on the due date. Would there be tax implication in the hands of the shareholder who renounced the shares and also in the hands of the employee who bought the shares. The fair market value of the shares is assumed to be…
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SIR In my case I applied for approval of a legal heir after six months they have not approved. now notice has been issued on son with non-pan who has only informed that my father has expired on dated ........ . IS this proceeding correct when we have already applied as legal heirs in the mother's hand? no proceeding is done on the mother
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Sir, The return was Originally Processed U/s 143(1). Time limit for revision has elapsed. There were some dis-allowances in the Intimation Order, against which the assessee filed online rectification U/s 154. The Rectification Order u/s 154 was passed after more than 60 days of the date of the Intimation Order U/s 143(1). In the rectification order also no relief was granted. Aggrieved the assessee wants to file appeal before the CIT(A). My Question is:- Against which Order will the appeal arise whether against Order U/s 143(1) or Order U/s 154 ? If U/s 143(1) then the time limit of filing…
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I have received IT department’s summons under section 131(1A) for AY21-22. I have received ESPP and RSU stock in years before AY 21-23 and during AY21-22 I have received dividend and it was taxed in USA. I have missed disclosing this information while file the return for AY21-22. I hold around 1160 ESPP/RSU stock in US company. what should be my course of action ?
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Penalty u/s 271(1)(c)