reply by mr. Bekal is ambiguous. the question is " so dissolved firm due to death of one of two partners payment of 50 lakhs by remaining partner who will continue the business as proprietor or take some other as partner whether firm should pay tax on goodwill or otherwise one view in bcaj says that payment to legal heir is not taxable issue being common views of many persons needed my view is it is not taxable as legal heir is not partner
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i have not filed ROI u/s 148 but in a simple paper income declared. whether it is sufficient or not. please suggest with latest judgments
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The assessee company recd 148A notice in March 2022.The assessee replied.Matter was of 25 lakhs. 148A order dated 6/4/22 came on 6/4/22.Notice u/s 148 also issued dated 6/4/22. Is it valid notice .148 notice is time barred on 31/3/22 for AY 18-19 of below 50 lakhs matter.Experts opinion awaited,What should be assessee next course of action.
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RESIDENTIAL FLAT WAS SOLD IN FY 2015-16 AND CAPITAL GAIN AMOUNT WAS INVESTED IN CAPITAL GAIN ACCOUNT SCHEME WITH NATIONALISED BANK HOWEVER THE AMOUNT COULD NOT BE UTILISED FOR PURCHASE OF NEW HOUSE AND BY OVERSIGHT AMOUNT REMAINED IN BANKUNDERCAPITAL GAIN ACCOUNT SCHEME TILL FY 2022-23 WHAT COULD BE TAX IMPACT IF CAPITAL GAIN ACCOUNT IS CLOSED WITH BANK IN FY 2022-23
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Assessee has received the Notice U/SEc, 147/148 after 31.03.2021 for A.Y. 2016-17 and assessee has also filed the ROI in response to same. In this respect assessee challenged the validity of the said notice on the ground that Explanation A(a)(ii) and Explanation A(b) to the Notifications dated 31st March, 2021 and 27th April, 2021 respectively issued under The Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020 are ultra vires to the said Relaxation Act, 2020. How ever AO has not responded to the same. After the decision of Hon’ble Bombay High Court in the case of Tata Communications…
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Assessee is partnership engaged in business of developing of Housing Project. In the A.Y. 2016-17 has offered the income as per sales consideration received however the A.O. has assessed the income by invoking the provisions of Sec. 43CA and made the addition difference between the sale consideration and Stamp duty valuation. Also made reference to the DVO, his report came after the assessment and DVO also valued the FMV of the units sold and now the difference between the sales and value as per DVO is less than 10% in all cases except 2 cases where the difference is about…
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During the course of assessment proceedings , for verification of Purchases called for information U/Sec. 133(6) from few parties at the flag end of assessment proceedings . Few parties responded and few not. Assessing Officer completed assessment by making addition of all purchases effected from these parties on the following grounds:: a. Parties have not responded therefore those are not genuine. b. Parties who have responded have not provided full information and provided details of their PAN and Financials alongwith account extract of assessee and confirm the amount of purchases . Whether action of Assessing Officer justified when a. He…
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Firm with 2 partners A & B . A died on june 2020 B has taken C as a partner B & C has calculated the share of goodwill of A on the date of death. B and C decided to pay 50 lack in five years to the wife of deceased A whether the amendment made from 01/04/2020 is applicable in this case and any capital gain on this 50 lack is payable by the firm the goodwill amount calculated on death and paid to legal hair
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Assessee is AOP engaged in the business of construction and developing of housing project . Assessee is consistently following project completion method for recognizing revenue . In this method , the assessee is offering the Revenue when the possession of the unit is givne to buyer after obtaining completion certificate. During the course of search action nothing incriminating documents have been found . The Assessing Officer during the course of search recorded the statement of member of AOp and asked details of the project and about advances received from unit purchasers. On the basis of the details question was asked…
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the assessee has been served with notice u/s 148A to explain transaction of immovable property sale for AY 2018-19. my queries are whether his legal representative can objection to issue of notice u/s 148A similar to section 148 ? whether reply should be given on facts along with objection to issue of notice u/s 148A and ask not to issue notice u/s 148 ? How reply should be given - online reply by his legal representative by adding himself as legal representative of his father or manual letter to jurisdictional AO? By all means, department will issue notice u/s 148…
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capital gain