Assessee is Partnership Firm having 3 partners . Son and daughter of the one partner are working as employee for last more than 5 years . All the partners have decided to take the Term Policy( which is not key man Ins Policy) in the name of these employees to safe guard the interest of firm, therefore decided to claim the same as deduction U/SEc. 37 of the Act. The nominee of the policy will be Firm. Whether this is allowable deduction in the hands of firm U/Sec. 37 of the Act ? Whether the premium paid will be considered…
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My Arrogant father brought few properties under my name. I trusted him, signed on documents wherever needed my signature. He never revealed the details, I never asked him. I was a fool to believe him, all this happened more than 20 years ago. These properties are now in dispute, other parties are contacting me, threatening legal actions and other consequence. I am asking my father to explain the details, but he is so arrogant, he claims it is none of my business, since those properties belong to him. I agree with him that I didn't contribute anything in purchasing the…
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We have settled a dispute under Direct Tax VsV Scheme. We would like to withdraw the appeal. Please provide any template for reference.
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THE ASSESSMENT COMPLETED U/S 144 RWS 147 FOR AAY2013-14MADE ON 28.11.2019 IN WHICH THE ASSESSING OFFICER HAS NOT LEVIED INTEREST U S 234B(1) THE ASSESSEE HAS FILED THE APPLICAATION AGAINST THE ASSESSMNT ORDER UNDER VIVAD SE VISHWAS ACT 2020 AND MADE THE PAYMENT FOR WHICH FORM 4DTVSV RECEIVED . NOW THE ASSESSING OFFICER WANTS TO AMEND THE ASSESSMENT ORDER AS THERE IS A MISTAKE APPAARENT FROM THE RECORD WITH IN THE MEANING OF SECTION 154/155 OF THE INCOME TAX ACT 1961.PLEASE ADVICE HOW TO GO IN THIS MATTER
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Regarding sale of rural agricultural land i want to know cash receipt of any amt could be deposited in Bank. If so or so not y wt is the reason . Y u k not dep cash received on sale of agriculture land as it is not a income according to capital asset or gain.
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Assessee is pvt limited co . One of the share holder is interested in purchase of shares of another share holder. Whether he can purchase the shares at the face value? Or at the price ignoring the market vlaue of rights in immovable property? Whether valuation report as per Rule. 11UA is mandatory? Whether liability which may require for the claim on the rights in immovable property can be consider while working of value of share can be consider even if not recorded in books of accounts ? pl guide .
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A notice calling for information u/s 148A of the Income Tax Act, 1961 is issued on 17.03.2022 giving time to respond by 23.03.2022. The Act provides for notice of minimum 7 days and maximum 30 days. Please advise whether the notice mentioned above is valid in law as it included both the days i.e. date of issue and date of compliance while computing 7 days time. Kindly also advise whether the assessee should comply to the notice by 23.03.2022 and submit details or should challenge teh validity of the notice. Thanks
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Assessee is company. Consequent to search proceedings U/SEc. 132 of the Act in the Year 2015-16, assessee co filed the Returns of income in response in response to Notice U/SEc. 153A for A.Y. 2010-11 to 2016-17. Assessment U/SEc. 153A r.w.s. 143(3) were completed on 28.12.2017 as per the income disclosed in the Return as no incriminating material was found. Thereafter Audit objection was received by the assessee co for A.Y. 2013-14, where the diffrence in sale as per assessment order and audit report under MVAT act was pointed out. The department has issued Notice U/Sec. 154 on 22.05.2018, to which…
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In Vora Financial Services Pvt Ltd Vs ACIT (ITAT Mumbai) at para no 32 observed as under: Accordingly we are of the view that the provision of section 56(2)(viia) should be applicable only in the case of where the receipt of share becomes property in the hands of recipient and the shares shall become property of the receipt only it is is shares of any other company, In the instant case the assesses herein has purchased its own shares under the buy back scheme and same has been extinguished by reducing the capital and hence the test of becoming property…
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Assessee is a partnership firm engaged in the business of developing of housing project eligible for deduction u/s 80IB(10) of the Act. They have developed the project which is commenced as per Commencement Certificate received in April,2007 and the project is completed as per completion certificate dated 31.03.2012. In the A.Y 2013-14, assessee earned net profit of Rs. 2.5 crores. As per the advice of the Tax Consultant, assessee firm has paid the AMT u/s 115JC on this profit as same is eligible for deduction u/s 80IB(10) of the Act. However, while uploading the return could not upload Form 10CCB…
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Deduction U/SEc.37- Ins premium of relative who is employee