DURING THE COURSE OF SEARCH AT ASSESSEE'S PREMISE (LET SAY ABC PVT LTD BEING A JEWELLER), CERTAIN INFORMATION WAS EXTRACTED FROM COMPUTER/HARDISK SEIZED WHEREIN IT WAS MENTIONED IN EXCEL FILE - DETAILS OF OTHER PERSON (SAY XYZ), HIS ADDRESS, DATE OF CASH RECEIPT FROM XYZ FOR PURCHASE OF JEWELRY. IT WAS A EXCEL DOCUMENT AND DID NOT CONTAIN ANY SIGNATURE. 2. CONSIDERING THE ABOVE EXCEL FILE EXTRACTED AS INCRIMINATING MATERIAL PERTAINING TO OTHER PERSON (XYZ), ASSESSMENT PROCEEDINGS U/S 153(C) WERE UNDERTAKEN OF XYZ. XYZ HAD CLEARLY DENIED SUCH INFORMATION AND TAKEN STAND THAT HE HAS NOT PURCHASED ANY SUCH JEWELRY…
► Read Answer
In case of search conducted after 01.04.2021, whether procedure prescribed u/s 148A is to be followed for the preceding 10 A.Y from the end of the previous year in which search took place. Whether assessee can ask for the reasons for re-opening and copy of approval of the prescribed authority? Whether assessee can the notice on the ground that before issuing notices u/s 148A, AO must fulfil the condition as prescribed in section 149(1)(b) of the Act?
► Read Answer
Survey u/s 133A took place at the premises of builder on 19.03.2019, wherein a diary containing details of on-money received by the said builder was found. On the basis of noting on the said diary, the assessments were completed in the hands of the builder for A.Y 2013-14 to A.Y 2017-18, wherein the additions about the on-money were made. The additions made by the AO were confirmed by the CIT(A) as well as the Tribunal. AO relying upon an explanation 1(v) to section 148, has issued notice u/s 148A to the purchasers of the flats/shops from the builder on the…
► Read Answer
Assessee is a developer and builder. Search took place on 10.08.2021 and noting about receipt of unrecorded sale consideration of Rs. 25,00,000/- for A.Y 2018-19, Rs.15,00,000/- for A.Y 2017-18 and Rs.75,00,000/- for A.Y 2016-17 was found on the loose paper. AO issued notice u/s 148A on 19.03.2022 for all these three years giving time to respond within 7 days. The assessee requested for extension of time and the AO has given time upto 31.03.2022. The assessee has submitted a detailed reply and after considering the said reply AO passed order u/s 148A(d) on 07.04.2022 and the notice u/s 148 was…
► Read Answer
a) Notice u/s 148A(b) is issued giving only four days time to respond. Can this notice be challenged directly in Writ before High Court? b) Assuming that assessee has filed response within 4 days without raising an objection about getting less than 7 days to respond, whether this notice still can be challenged before High Court by filing Writ Petition ? c) An order u/s 148A(d) of the Act is passed after one month from the end of the month in which time allowed to furnish reply as per clause (b) expired. Is this order is legal and valid? d)…
► Read Answer
Assessee is a partnership firm, which filed its return of income for A.Y 2015-16 on due date. The said return was selected for scrutiny and assessment u/s 143(3) was completed accepting the returned income. On the basis of information available for the past years where 25% of vehicle expenses were disallowed on account of personal nature. In the assessment completed u/s 143(3) for A.Y 2015-16, no such disallowance was made. Based on this information, AO re-opened the concluded proceedings by issuing notice u/s 148 relying upon provisions of section 148 and 149(1)(b) of the Act. Assessee is of the view…
► Read Answer
we have filed form 1 & 2 application for DTVSV on 21-12-2020 for A.Y.2018-19, on 22-12-2020 form 3 is issued by department and payment was made accordingly and form 4 was filed on 04-01-2021 but till than form 5 was not issued by the department. many grievance were also filed but no response received from department. when we try to get response form department we come to know that there is some technical error in the system and advised us to file form 4 again but even that the issue remain unsolved.
► Read Answer
7 to 8 partners introduced personally held land into a firm as own capital contribution Firm constructed warehouse for renting out. Firm reconstituted from time to time by retirement of old & admissions of new partners . No revaluation on such reconstitutions . All brought and paid only capital balance presently few new and few original partners remained in firm now if firm registers land in own name what will be tax implications in hands of frim and new /old partners ?
► Read Answer
Notice received on 6.4.2022 for the AY 2014-15. As per new law it is time barred. When we received the notice u/s 148A, What reply we should submit?. 1. Either we challenge before HC OR 2. Should submit reply or 3. We raise objection and submit reply under without prejudice. 4. Raise objection on validity of notice only. Please reply as per SC judgment and instructions issued by cbdt.
► Read Answer
ASSESSEE FILED APPEAL WITH ITAT AFTER DELAY OF 1300 DAYS WHICH WAS DUE TO ADVISE GIVEN BY CA NOT TO FILE . LATER DURING PENALTY PROCEEDINGS , NEW LEGAL COUNSEL ADVISED TO FILE QUANTUM APPEAL IN ITAT AS LEGAL ISSUES WERE INVOLVED. HENCE APPEAL WITH APPLICATION FOR CONDONATION AND AFFIDAVIT WAS FILED . RELIANCE WAS PLACED ON APEX COURT DECISION IN THE CASE OF COLLECTOR. LAND ACQUISITION 167 ITR 471 AND 3 JURISDICTIONAL ITAT DECISIONS IN FAVOUR WERE CITED. DELAY FOR CONDONATION WAS REJECTED AND APPEAL WAS DISMISSED. WHILE DOING SO ,NONE OF THESE DECISIONS WERE CONSIDERED AND FOR REJECTION…
► Read Answer
DOCUMENT FOUND DURING INCOME TAX SEARCH WHICH IS NOT ACCEPTED BY ASSEESEE