We received Form 3 in December 2020 and subsequently, we were unable to log in as the ID was deactivated by the Department post the update of Income-tax portal to the new one. Communication of the same was made through email but got no response and until first week of November. Got a call from the department for clearing the amount of tax as under DTVSV so we paid the amount through challan and even today we have no response to it. Even the ID is not reactivated till today, what are we supposed to do? File a writ?
► Read Answer
Can an assessee raise the question of Law which was not raised before the lower Authorities , for the first time before the Tribunal , in an appeal filed by the revenue .?
► Read Answer
Sir, we had a property used as business asset, we have claimed depreciation on the assest for 8years, after which the business was not carried out and hence Depreciation was not claimed for about 9years. Now if we sell the Property, would that be considered as Short Term Capital Gain or Long Term Capital Gain? Would the sale of assest attract 50C or we can claim it as long term Capital Gain. Please suggest.
► Read Answer
If property is in name of my wife who is sole owner, and loan is in my name ,the sole borrower. How could I take advantage of deduction under sec 24 b??
► Read Answer
Can there be any addition under section 40A(2) due to low GP of buyer (sister concern ) on account of enhanced /higer per unit purchase from seller( sister concern) ? Can it be argued that when both Firms ( seller and buyer) are paying maximum marginal rate of tax and there is no evasion of tax the addition cannot be made?. Please give any judicial ruling on this.
► Read Answer
Private Limited company applied to ROC for conversion in to LLP and filed board resolution and form No.LLP 1 for name availability and in FEB-2015. The Company has also filed provisional balance sheet as on 31.03.2015 along with Board resolution. to ROC for conversion into LLP. However, Certificate of conversion into LLP received on 05.06.2015 and name of the Private limited was truck off from ROC All the transaction of Private limited company effective from 01.04.2015 was incorporated in LLP books and offered for tax. Assessment of LLP was done U/s.143(3) for AY 2016-2017 where the said fact was disclosed…
► Read Answer
Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Acquired by Grandfather in the year Prior to 1961 Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed…
► Read Answer
Lot of assessees have died in recent Covid attack before they could have filed their ITR and TAR for asst year 2021-22. Their DSC had expired validity as the last date of ITR was extended several times. The only alternative left is that legal heir (son or wife) file the said ITR/TAR as per procedure given. WE applied in a case but after few days the application was rejected without communicating the reasons. In last dates for TAR, the tax audit report was filed by CA but could not be confirmed by assessee or legal heir. An application to CBDT…
► Read Answer
Notice U/s 148 was issued on 03/03/2020 served upon the assessee. In this case, the assessee has sold an immovable property (residential land) of Rs. 70,00,000/- dated 15/05/2014 on which capital gain arose of Rs.51,46,000/-. The assessee has deposited the entire amount of sale proceeds of Rs. 70,00,000/- in the Capital Gain Account Scheme, 1988 and claimed deduction u/s 54F of the Act. The Assessee has purchased a semi-finished new residential house (which was not complete in all respect to be treated as ready to move property) on 30/03/2017 for Rs. 94,00,000/- by way of utilizing the amount of Rs.…
► Read Answer
I sold a immovable property and received 25,00,00 lakhs in cash as a sale consideration and the same was deposited in bank and the transaction was recorded in the income tax return filing also. will it attract penalty under s. 271 D for violation of S. 269SS of the income tax act?
► Read Answer
Payment of arrears under DTVSV