Sirs, In the absence of any incriminating material during the course of search or any adverse statement recorded in the deposition, can there any be addition to the income which was assessed under section 143(3) of the Act? Also, please guide if there are any judgements of Supreme Court in this regard. Thanking You
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What is tax rate of AOP ( Members having taxable income). Is it Maximum Marginal Rate which at present 42 % ( including surcharge and cess) right from Rs 1/-
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Residential Flat in Mumbai Flat Purchased on 13.10.2015 Total cost of Acquisition including stamp duty and other charges Rs.45 Lakhs Society gone for Redevelopment Development Agreement Registered between society and Developer on 01.07.2015 Permanent Alternate Accommodation Agreement (PAAA) Between Flat Owner and Developer registered on 05.05.2017 Value of the flat as per Stamp duty Authority as on 05.05.2017 RS.21 Lakhs Full Occupancy certificate received on 14.08.2020 Sold on 10.08.2021 Sales Consideration RS.85 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering Section 45(5A) effective from AY 2018-2019 Transfer U/s.2(47)(v) section…
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For the purpose of deduction u/s 54F of Income Tax Act whether the words ‘full value of consideration’ contained in section 50C will be applicable or the actual sale consideration value as specified in the sale deed will be applicable.
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Assessee is a developer of the housing project and engaged in the business of construction. The assessee purchased a land for development of housing project on which there was encroachment of a person. A settlement has been made by the assessee with the said person and as per the agreed terms the assessee agreed to share with him the sale proceeds of one unit in the said housing project for withdrawing his claim of the land. In the year 2012-13, the assessee sold the unit allotted to the person referred above for Rs. 1 crores and credited the sale proceeds…
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I received a 148 notice dated March 31,2021 about "escaped income" in my 2015-16 ay return from AO Chennai who asked me to send copy of tax return, which I promptly did. A notice under 147 was sent dated 30-9-2021 by AO decribing the nature of income (USA social security income). I replied promptly that this "income is NOT taxable in India per DTAA article 20(2) and USA can tax this pension. No reply from AO and then on DEc 1,2021 I get two notices. The same notice u/s 147 on social security income which has escaped assessment and also…
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My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells go ods on Dami (Commission) on auction in Anaj Mandi. The Transaction is as follows: - Sale price = 100/- + Commission = 2/- + Market Board Fee = 1 total = 103/- . The buyer is deducting TDS u/s 194H on Rs.2/- since the insertion of section 194H. Further, Sale of Kaccha Artia is not treated as Sale u/s 44AB as per the clarification of CBDT. Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the section.…
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The assessee is a owner of land admeasuring 1 lakhs sq ft. Assessee has decided to develop the housing project on the said land in a phased manner. The first phase is on a plot of land having area 2500 sq mtr. The project satisfies all the conditions of the section. After obtaining the completion certificate of the project assessee has commenced phased 2, which also satisfies all the conditions of the section. However, the AO has issued a show cause that in view of section 80IBA(2)(e), that assessee is eligible for deduction u/s 80IBA on the plot of land…
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Our is a limited company and has agriculture land in Amritsar, the same has been acquired by NHAI in 2020-2021, will land acquisition officer levy tds on our company before making payments in case of limited company or no tds will be applicable?
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What is legal position whether interest U/sec. 234 A and 234 B is Tobe charged on income returned by the assessee or income assessed by the AO. Whether decision of Smt Tejkumari v CIT 114 Taxman 404 is still binding ? Pl guide
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Incriminating material – Search assessment