Whether show cause notice issued u/s 148A(b) on or after 28.04.2022 is valid or not.. is a question to ponder over, of late, as IT department is issuing the said notices rampantly. For this purpose let us first examine the third proviso to sec 149 which reads as under…. [i]Provided also that for the purposes of computing the period of limitation as per this section, the time or extended time allowed to the assessee, as per show-cause notice issued under clause (b) of section 148A or the period during which the proceeding under section 148A is stayed by an order or…
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Facts : A Private Specific Family Trust is there having four major persons as its beneficiaries. Shares of all the beneficiaries are fixed and known as per the trust deed. Said Trust owns commercial building through which it receives rental income. Return of income of Trust is regularly filed and income from rent is allocated to beneficiaries according to their shares and said income is offered for tax by beneficiaries when they file their return of income (i.e of beneficiaries ) and returned income of Trust is always NIL and Trust does not pay any taxes on rental income. Now…
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Hello, Please guide as to how we can claim compensation for undivided ancestral land acquired by Govt. for Canal construction. 1. We have ancestral land that remains undivided among my grandfather and his brother and other relatives in our Village. 2. We do not have any land records however we do have possession of the said land. 3. As I'm given to understand in the land records available in the land record portal of Odisha Govt. Lot many people are mentioned in addition to my Grandfather and his younger brother,we do not know who are these people or do not…
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Assessee is partnership engaged in the business of real estate developers. Survey U/sec. 133A has been conducted , where a incriminating statement giving particulars of sale of flats , name of person , agreement value and cash accepted was recorded. Partner who was not looking after accounts had accepted the amount stated in coloum cash is extra consideration received. The amount for each unit is more than 2 lakhs. At the time of assessment the said partner had retracted from the statement. However AO made this cash as undisclosed income. Assessee later on received Notice u/Sec.269SS on the ground that…
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An individual settles his property to a private discretionary trust which has beneficiary as his brothers, brothers' wife, brothers' children and their spouses and their children. Since all the persons do not come within the definition of relative as defined in explanation to 56(2)(vii) , it may not be covered by the exception provided by proviso (X) to 56(2)(x). Question is, it being a discretionary trust where the individual shares are not defined, will section 56(2)(x) apply? If applied then how will one compute taxable part?
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For the year ended 31.03.2021 there was a mismatch in 26AS because of the slow website the return was filed without reconciling and resulted in lower income filed by Rs. 15 lakhs. How to rectify the same. Assesse is ready to pay taxes with interest but not penalty.
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The Assessee is a registered trust incorporated for educational and other anciliary objects. The trust for FY 20-21 has accumulated 85% of the income and intends to apply the same in the subsequent years within a period of 5 years. Now, in FY 21-22, the Assessee Trust intends to incur expenditure on repairs and maintenance of a school that forms part of another Trust. The payment will be made by the Assessee trust to the contractor directly, no amount shall be paid by the Assessee trust to the other Trust. The invoice will be raised by the contractor in the…
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Assessee is partnership Firm filed the Return of Income For A.Y. 2009-10. while uploading the return due to some problem in soft ware the claim of Depreciation was not correctly uploaded and also received the Intimation U/Sec. 143(1)(a) from CPC Banglore in the month of Dec. 2010. In this intimation , the adjustment of amount of Depreciation was made and demand was raised . The assessee was unaware of this fact, and when the call came from TRO in April 2022, the assessee came to know such demand. Assessee firm has claimed the depreciation on the WDV as on 31.03.2009…
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Hi All, my dad was a tenant and the redevelopment agreement was signed then. He passed away and consequently it was transferred to my mom. She signed the PAA in 2019 and we finally have sold the flat in 2022. what can be the cost of acquisition in this case. its very confusing answers that i am reading. Appreciate your help here
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assessee is partnership firm. has received the Notices U/Sec. 148 for A.Y. 2013-14 and 2014-15 after 31.03.2021. Therefore, wishes to challenged the validity of the same . whether assessee has to filed two separate WP or can file One WP mentioning facts for each year separately in the petition. pl guide
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whether the show cause notice issued on or after 28.03.2022 is valid