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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Assessee firm M/S. ABC is partnership firm engaged in the business of trading of goods. During the search with another co, it is found that purchases effected by the co from partnership firm are not supported by Movement of goods, and the E way bill and toll receipt, and therefore AO considered the same as bogus purchases. On this ground the AO has made addition U/Sec.68 by considering the sales as bogus. Is action of AO is justified in Law.
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उत्तर प्रदेश में निवास करने वाला अनुसुचित जाति का व्यक्ति अपनी भूमिधरी भूमि बिना अनुमति के विद्यालय को विक्रय करता है तो उस विक्रय विलेख पर धारा 157A UP ZA and LR act के प्रावधान लागू होंगे ? भूमि का क्रय जरिये उप प्रबंधक हुआ है जो कि अनुसूचित जाति का है| भूमि का क्रय दस वर्ष पूर्व हुआ है|विक्रय विलेख के संपादन के उपरान्त उपरोक्त भूमि को धारा 143 UP ZA and LR act के अन्तर्गत न्यालाय द्वारा अकृषक घोषित किया गया है| यदि उक्त विक्रय विलेख पर उपरोक्त कानून के प्राविधान लागू होते है तो उसका बचाव क्या…
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Joint property bet. me and wife bought @32 lacs on December 2008. For Improvement spend about 8-10 lacs but no supporting bills as was done during 2009 over a period of one year. Now sold property @120 lacs on August 2022 and 10 lacs received separately by cheque towards fixtures and fillings. What will be the capital gains?? (more…)
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Assessee is partnership firm engaged in the running multispeciality hospit and all partners are doctors. The membership of international trade organization is taken in the name of one of the partners , having object of increasing the networking and focus on B to B business's or profession. Whether one time membership fee in the name of one of the partner amounting to Rs. 10 lakhs is paid. whether this amount is allowable deduction in the hands of firm ?
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QUERY REGARDING VIVAD SE VISHWAS FORM-5