Answers On Category: Income-Tax
Dear Sir, Please give your opinion on the following: By virtue of decision of SC dated 04.05.2022 in the case of Union of India vs. Ashish Aggarwal. Assessee received notice u/s 148A(b) dated 24.05.2022 relating to A.Y. 2013-14. The assessee reply in July 2022 mentioning that assessee did not do any transaction in the shares mentioned in the notice. The name of broker in the notice is also wrong. Assessee submitted affidavit also and asks to give details of payment made by the broker and to prove that particular shares were sold by the assessee. Assessing Officer did…
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Assessment on Assessee made u/s 143(3) for the Asst Year 2021-22. Taxable amount of purchase of Rs.10 crores from a Supplier disallowed u/s 37 as the said Suplier has denied the sale transactions with assessee.Supplier has also intimated that he is only a Watchman in a Residential Colony.Supplier has not been cross examined by the Assessee. GST amount of RS.60.00 Lakhs claimed as ITC on above purchases added as unexplained investment. Amount of Rs. 4 crore standing outstanding in the account of above supplier as on 31-03-2021 was also added as unexplained credit.The said amount was paid to the Supplier…
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what can AO add in such a case where circular trading is detected by search wing ? percentage of notional profit ? or disallow only loss ?
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when an individual proprietor converts proprietary business into LLP , will there be any capital gains u/s 45 or 50 on assets introduced as capital ?
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what is the remedy against wrong order u/s 148Ad[1] ?
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Can an individual claim interest income and expenses u/s 44AD ? Is money Lending licence necessary to do so ?
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Assessee , A partnership firm has huge plot of NA land and has constructed commercial building on some portion of said land and said building was used for business purpose. Upto 31-3-2010, depreciation was claimed with respect to said building. However with effect from 1/4/2010, business operations of the assessee was discontinued and so assessee stop claiming depreciation on all of its assets including building. However normal return was filed every year showing losses because certain administrative expenses needs to be incurred. During the year, assessee has sold the full property which consist of Land and Building. Land being long…
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1] whether any remedy against delay in paying taxes under VSVT 20 ? 2]whether any remedy against delay in paying taxes under IDS 16 ?
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Appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order of ITAT. Here the HC has given direction to allow assessee to file under Vivad Se Vishwas scheme but the ITAT went only for condonation of delay for limitation period which was allowed by HC. Is it beyond HC's jurisdiction to give directive to assessee to go for VSV scheme ? The main question is does the HC have power under 260A to direct on issue not brought up in court ? https://taxguru.in/income-tax/hc-allows-assessee-avail-vivad-se-vishwas-scheme-benefit-due-date-considering-delay-filing-appeal-revenue.html
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Assessee is an individual. assessee filed the declaration under IDS for A.Y. 2012-13 in respect of undisclosed income. In the said declaration assessee showing nature of undisclosed income as cash. Assesse not deposit the subsequent tax instalment of IDS accordingly such IDS declaration considered as invalid . AO has issued the Notice U/s 148 on 30.03.2019 on the direction of PCIT on the ground assessee has not paid the taxes under the IDS declaration and therefore the income disclosed in the IDS for A.Y. 2012-13. whether the action of AO for reopening the the assessment for A.Y 2012-13 and considering…
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Issue of bogus long term capital gain