Assessee is private limited co, engaged in the business of manufacturing of steel plates and other allied products . Search action U/Sec. 132 was conducted in the year 2021-22 . During the search in respect of certain purchase bills the assessee was not able to provide the details of Toll receipts, and LR receipts along with the E way Bills . The investigating team has drawn the inference that all these bills are non genuine . On the basis of these defects, during the course of reassessment proceedings initiated U/Sec.148A, AO has issued show cause as to why the purchases…
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Assessee along with the family members are owners of land . Since they do not have any knowledge of construction and development of project, They have decided to join the hands with the developer in Joint venture . the main terms of Registered JV are as under :- a. The two parties have decided to work on a Principal to Principal basis b.The detail role and responsibility of the individuals and the Developer have been noted in the JV. The entire cost of construction will be borne by developers and assessee and his family members will not be responsible for…
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PF/ESI deposited after due dates of respective Acts but before due date of filing ITR for A.Y. prior to A.Y. 21-22. Jurisdictional ITAT, Indore Bench consistently deleted the additions made on the above issue, holding that amendments made by Finance Bill 2021 on the above issues are not applicable before 31.03.2021. No subsequent order of Jurisdictional High Court of MP Revision u/s 264 filed before Jurisdictional P.C.I.T. Indore. Query Whether the order of Jurisdictional ITAT are binding in Revision u/s 264? Whether different view can be taken? Citation Please Thanks & Regards
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Sir, A NPO registered u/s 12A filed return of income for AY 2020-21 belatedly though tax audit report was filed within due date. Exemption was denied u/s 143(1) by CPC, kindly elucidate follow up action to be taken.
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Assessee is engaged in the business of Real estate and claimed the deduction U/Sec. 80IB(10) on the housing projects . AO has disallowed the claim on the ground that assessee has violated the various conditions. CIT A has confirmed the disallowance. On further appeal, Hon'ble ITAT has partly allowed the appeal with certain directions. AO completed the set aside assessment and again disallowed the claim of the assessee on the ground that Department has filed an appeal against the order of ITAT before HC and same is pending and accordingly assessed the same income again. Whether action of the AO…
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Respected sir, A charitable trust regd u/s 12A failed to file audit report in form 10B before the due date for filing tax audit report. However it filed tax audit report before filing return of income and filed return within due date for filing ITR. CPC while processing u/s 143(1) has not allowed the entire expenditure as application of income and treated the gross receipts as taxable income and taxed accordingly. in the intimation no reason given for the disallowance. for filing appeal what grounds can be taken and apart from appeal , any other alternative remedy available .…
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Whether extension of time granted by Supreme court is also applicable on Revision petition u/s 264 of Income Tax Act.
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Assessee is LLP engaged in the business of real estate in Maharashtra . The LLP is owner of the land having book value of 10 Cr and said land is shown as stock in trade . Assessee and other 3 parties have decided to form a partnership for development of project on the said land. Assessee will introduced the said land as capital contribution for it book value. Issues : 1. Whether there are any stamp duty implication for introducing the said land at book value as capital contribution in the Firm 2. Whether provisions of SEc. 43CA and Sec.…
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I left my organization Saxo Bank, Gurgaon, Haryana back in June 2021, and they deducted 1.9 L as Notice Period recovery and settled everything in Full and Final Settlement in which I paid them the left over recovery amount. Last month's salary was not paid, and while I was serving the Notice Period, I paid them the projected Notice Period recovery. In the final F-16 I recieved from them they've kept the whole 1.9L as a taxable income, I asked them to correct it. And they asked me to claim it in ITR. When I claim it in the ITR,…
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Assessee received order u/s 148A(d) for A. Y. 2013-14 and 2014-15 of the Act within the time limit of 30 days from the date of reply given. However, in the said reply, the AO has not considered the detailed objections raised by the the assessee and also not provided all the information and documents relied upon as required by the decision of Hon’ble Court in the case of Ashish Agarwal, tough it is mentioned that same has been provided to the assessee. In the order u/s 148A(d) of the Act, the AO has stated that assessee’s request for copies of…
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Addition as non Genuine Purchases