Hello Sir, The assessee had opted for vivad se vishwas scheme for A.Y. 2015-16 and paid the tax arrear after issuance of form 3 dated 30.01.2021 accordingly. Thereafter form 5 also issued to the assessee. However, despite payment of tax made by the assessee on 03.05.2021 the revenue had adjusted the amount of refund for the A.Y. 2023-24 against the outstanding demand. Is it allowable? If not, then what is the remedy to ask for refund? Reply at the earliest should be appreciable.
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AS per penalty order 16.02.2024, Assessee received sum of Rs. 6,00,000/- from A in December 2020. Assessee received SCN in December 2023 for levy of penalty u/s 271DA. Assessee is raising following queries:- No Regular Assessment has been done for A.Y 2021-22. Whether the penalty can be imposed even if no regular assessment has been done. No details of transaction in the SCN has been given. Whether the AO/ JCIT who issued the notice u/s 274 r.w.s 271DA should record satisfaction before issue of notice. Please Clarify the above
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Case Description Mr. X (Resident Individual, aged 42 Years) purchased Residential Flat for Rs. 11.50 lakhs on 11-05-2017, cost of improvement (Like Paint the house, Purchased TV, AC, Fridge, Sofa, Furniture etc.) done in the same FY 2017-18 amounting to Rs. 20.00 lakhs by Mr. Y (Brother of Mr. X, Living in Joint Family) and the above same Residential Flat held by Mr. X, sold for Rs. 45.00 lakhs on 13-07-2024. Questions Can Mr. X Claim Cost of Improvement (which is done by brother Mr. Y) in his ITR ? If Answer to 1 is yes, what if Mr. Y…
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CIT vs. Smt. Beena K. Jain : 217 ITR 363 says possession date is date of purchase Vembu Vaidyanathan 413 ITR 248 (Bom.). ... allotment letter is date of purchase . which is applicable on which facts ?
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My father was the karta of his huf, in which i being the only child(son) was coparcener of his huf and my mother was member. After death of my father I became karta for my father huf and mother was member of the huf. My problem is that my mother also passed away I also have my own huf. My ques is that how can i transfer some share and mutual funds in my father's huf to my huf
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hello sir, my question is if we took section 115BAA for 2 years and then i have change the to the old scheme and took deduction of section 80IAC for AY 21-22. we got the intimation u/s 143(1)(a)(iv) from department regarding the invalid return and not allowing the deduction u/s 80IAC. now we want to continue to the old scheme only is there any remedy regarding to the above issue?
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CAN AO reopen cases of 10 years without passing order u/r 112F ?
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Sir, My Query is if assessee got the Assessment order under Best Judgment Assessment, Liability of Tax Rs.58,00,000/- can he go for appeal with CIT or Can he go IT Tribunal Please suggest. Sirivella Gopal
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My parents had a small flat 250 sq ft carpet area. I got it from parents after the demise in 2017 as I am legal heir. My only sister gave her release deed relinquishing her stake in March 2019. Flat went for redevelopment in August 2019 based on the Permanent Alternate Accommodation Agreement. During the redevelopment, I gifted the same under construction flat (before possession) to my wife in March 2022. New flat possession received in March 2024 in wife's name (484 carpet area). Question: If wife sells it in june 2024, will it be LTCG or STCG? When should…
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The AO passed the order with a condition that the the assessment will be revised once the DVO report is available. The assessee filed an appeal before CIT(A).Is it possible to revise the assessment us264 after the revised assessment order is received. Please clarify. Thanks
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VSV scheme