Assesee is LLp and engaged in the business of call center. For procuring business, assessee has paid Re. 5 lakh as commission after deduction TDs and claimed it as deduction as business expenditure. Assessee has given confirmation from the party along with PAN n paid the amount by account payee cheques. Ao issued summons U/sec 131 to the Act, to the party, mail ID is block. Ao has issued show cause to the assessee asking as to why this expenditure should not be disallow as party has not filed copy of IT return of the recipient . Whether action of…
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Search conducted from unknown party, excel sheet found and some data found in that excel sheet regarding my property. AO can make addition on that basis
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The assessee is a LLP engaged in the business of construction having plot of land as a stock in trade. The cost of the said land in the books of the assessee is approximately Rs. 15 crores and the assessee is holding the said land for a period of more than 5 years. The assessee also got plan sanctioned for a housing project to be constructed on the said land. However, due to some problems in the partners, they have decided to sale the said land along with all rights and liabilities as slump sale to M/s ABC. The net…
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THREE CO-OWNERS PURCHASED A PLOT OF LAND IN 2012 AND IT WAS SOLD IN 2017. ALL OF THEM DECLARED THE INCOME IN THEIR RETURNS WHICH WERE ACCEPTED U/S 143 (1) . NOW IN ONE CASE , THE ASSESSMENT IS REOPENED U/S 148 AND COST IS DISALLOWED AS PURCHASE DOCUMENT WAS NOT REGISTERED. IS THIS CORRECT ? PLEASE CITE CASE LAW, IF ANY BECAUSE IN OTHER 2 CASES ASSESSMENT HAS NOT BEEN REOPENED.
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Assessee is company has filed the Return of Income for every year. Since assessee is engaged in the business of executing contracts , due to TDS there is always refund to the company. Almost every year assessment is completed U/Sec 143(3) by making an addition on the ground of difference in receipts as per 26AS and receipts as per profit and loss account since assessee could not give reconciliation. Assessee submits that since it is company, books of accounts are audited under co act as well as income tax Act and diffrence in mainly due to offering of income on…
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Certain Addition were made to the Return of Income On account of Investment in House Property and Difference in stock found During Survey operation in Assesment completed u/s 143(3) For AY 2006-07. In Quantum Appeal Before CIT(A) the Additions Were Confirmed. ITAT vide Order Dated 08/07/2016 Confirmed the order of CIT(A). The Said order of ITAT as per certificate issued by Registrar was sent to Principal Commissioner on 09/09/2016 Penalty Notice u/s 271(1)(C) was Issued for Concealment and furnishing inaccurate particulars of income.(in the printed form non applicable portion was not struck off) Penalty u/s 271(1)(c)was lavied by A.O. by…
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Assessee is partnership concern engaged in business of construction and trading of land .during the FY 31.03.2017 assessment was completed by accepting the income return by the assessee firm on 31.12.2019. Departmental Auditor has raised the query about not making an addition on account of difference in opening cash as per books and as per last years financial statement. Ao has issued notice u/Sec.154 on 13.05.2022 which was serve on email of consultant which was not operative and therefore no response was submitted . Ao passed the order U/sec 154 on 3.08.2022 by making an addition of Rs.8 lakhs .…
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Indian Company is having a Branch in Germany. Indian company remit the fund to German Branch against expenditures & so want to know if there is any TDS obligation under section 195. Refer any case laws.
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Dear Sir/Mam, I sold a flat in Mar2019, and deposited Capital Gain in SBI capital gain account in Aug 2019, I am told that my LTCG Account A would expire on 31st Aug 2022, since I have not utilized the money and hence I need to pay 20% tax on unused money from this capital gain account. Need your guidance on how to pay Tax and on which segment of ITR I should file in returns. Also, I am unhappy that inspite of COVID no relaxation given by government to extend LTCG period for reinvestment, Pls guide if I missed…
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Assessee is LLP having 4 partners out of them 3 are individual and one is another LLP, engaged in the business of constructions. They started the residential project and entire project is complete and completion certificate is also received from APPROPRIATE Local Athority . They have decided to distribute 4 unsold units of equal size between themselves. Issues : 1. What are implication under stamp duty, GST and income tax 2. Whether it is okay , if they transfer these units at Ready reckoner rate? Even though last unit sold was much higher than ready reckoner rate? 3. Does it…
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Allowability of expenditure