Penalty u/s 271(1)(b) for alleged noncompliance of notices u/s 142(1) in assessment u/ s 147 r.w.144 and 144B
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Kolkata based HUF having one land in Delhi. One person gets it with Mutual consent and HUF is dissolved. Now can we register this deed in Kolkata and on basis of this will the sub registrar in Delhi accept the land ownership transfer since old karta can't travel. If we need any court order do we approach Delhi or Kolkata court.
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Assessee was Purchasing kirana items in cash from local market to avail benefit of cash discount. He was supplying the same to retail kirana shopkeepers in remote places & was receiving payment in his SB A/c deposited in cash at respective places of purchasers. No books of A/c maintained. No purchase & sale bills are available. Saving bank statement clearly revels that - (i) Simultaneous deposits & withdrawals in bank A/c (ii)No capital expense. (iii) Increase in bank balance about Rs8000 (iv) Peak credit about Rs.500000. During FY 10-11 on the basis of AIR information that assessee has deposited more…
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In the present case for AY 2016-17, notice u/s 148 dt. 31/3/21 received through email on 1/4/21. Reassessment order dt. 31/3/22 passed appeal filed before CIT (A) on 9/4/22. Again notice u/s 148A(b) issued on 2/6/22 (stated as issued, as per the direction of SC decision in the case of Ashish Agarwal) along with the information and material (12 pages missing/3 pages not legible) relied upon for such reopening. The above information is received by the AO from the INSIGHT PORTAL, as flagged by the system as HIGH RISK CRIU/VRU. Now the AO has issued order u/s 148A(d) & notice…
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For AY 2021-22 Gross Total Income (Per Tax Return filed) more than Rs 15,00,000 Deduction claimed under Chap. VIA (80TTB + 80G) Rs 60000 Old RATE auto applied by CPC because of such claim. If new rate were to applied, then the tax charged by CPC is far in excess. Is that justified/warranted ? For my viewpoint> https://www.linkedin.com/pulse/sec-80-ttb-act-surrounding-myth-venkataraman-swaminathan/ https://www.linkedin.com/posts/venkataraman-swaminathan-8a9b9575_share-tax-activity-6964086386643648513-rKJF/?utm_source=linkedin_share&utm_medium=member_desktop_web In short, in my quite arguable view/firm conviction, based on -COMMON SENSE, PRINCIPLES OF - EQUITY and GOOD CONSCIENCE , also based on PURPOSIVE INTERPRETATION of the LAW, so long as the taxable income returned does not exceed the…
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X is a partner in a firm along with other partners. Firm has some assets, properties etc. X has a debit balance in the firm. He leaves the firm Without giving or taking anything. Any tax implications for firm or partner?? The status of debit balance in the firm ??
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There is a partnership firm having partners F (father), S1 (Elder son) and S2 (Younger son) carrying a hotel business. Each partner is having an equal ratio in firm (i.e. 1/3 each). On 01/04/2021 Partner S1 retired from the firm and his balance in capital A/c is transferred to Unsecured Loan A/c. Neither the excess payment of cash is made nor any immovable property is transferred to retiring partner. Remaining partners (i.e. F and S2) are now sharing an equal ratio in the reconstituted Partnership Firm. Query: Whether the section 9B and 45(4) are applicable in the given case?
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There is one partnership Firm WITH 2 PARTNERS. One of the partners died in the month of March 2022. Sharing ration was 50:50. They had one Shop in the books of account and were claiming depreciation on it, WDV 31.3.2021 47,360/-. Shop Acquired in the year 2001- 02 COA - INR 334470 /-. Now the firm is selling the shop for INR 12,44,000/- (fair value). The asset is not yet transferred. There will be STCG to the firm as per sec. 50 INR 11,96,640 ( 12,44,000 - 47360 ) My query is : 1. To save on the capital gains tax…
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Assessee is private limited co filed the Return of Income filed the Return of Income For 20-21 where in Education cess has been claimed as expenditure on the basis of decision of hon'ble BHC. Assessee co has received SCN as to why proposed variation should not be made on 8.08.2022. on following grounds 1.Education Cess is not an allowable expenditure/deduction u/s 40(a)(ii) of the Income Tax Act, 1961. 2) It has retrospective effect from 01.04.2005 i.e. A.Y. 2005-06. 3) Penalty u/s 270A is imposable on such claim for under reporting of income. 4.Hence, you are requested to show sufficient cause…
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Assessee firm has made declaration under IDS for A.Y.2015-16 amounting to Rs. 3.30 cr. and has paid the installment of tax due on 30.11.2016, 30.03.2017 and 30.09.2017 , however due to mistake of CA , there was shortfall of Rs. 1313000/-, which he has paid on 3.10.2017. The assessee thought he had made the compliance of IDS. since the all the mail id of CA was given , assessee was not aware of the shortfall and proceedings completed by the AO U/Sec.147 r.w.s.144 r.w.s 144B on 22.03.22 , where in AO has taxed the entire amount disclosed under IDS amounting…
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Penalty u/s 271(1)(b) for alleged noncompliance of notices u/s 142(1) in assessment u/ s 147 r.w.144 and 144B