Answers On Category: Income-Tax
  AMOUNT KEPT IN CAPITAL GAIN ACCOUNT
The assessee sold an immovable property and deposited sale consideration to the tune of  caital gain under Capital gain scheme account and claimed deduction in ITR 2020-21 under 54F. Thereafter, the assessee demised before utilizing the deopsoit amount as per scheme. What will be tax treatment of Capital gain in case, the legal heir of assessee does not purchase any property or does not utilise the money as per scheme.


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  Share Premium
Assessee is a private limited company engaged in the business of construction. In the FY 2012-13, assessee company has issued 3,00,000 shares of Rs. 10/- each to various parties at a premium of Rs. 90/- per share and accordingly collected Rs. 30,00,000/- for share capital and Rs. 2,70,00,000/- on account of share premium. During the course of assessment proceedings, AO asked the details about issue of these shares to various companies at a premium and justify the genuineness of the transaction. The assessee company could not produce the evidence in support of the same. Therefore, the AO made the addition…


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  Long term capital gain or short term capital gain.
Assessee is private limited Co. Assessee is having building as fixed asset and assessee Co is regularly claiming depreciation as per companies Act. However since the year of purchase of building in the FY 2014_15 assessee has not claimed depreciation on building as per sec. 32 of the Income Tax Act. In the financial year 2018-19 assessee Co sold the building and offer profit on same after considering index cost as LTCG, on the ground that since no depreciation has been claimed as per provisions of Income Tax Act.  AO as well as CIT has not appreciated the submission and…


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  REOPENING OF ASSESSMENT ON ACCOUNT OF AUDIT OBJECTION
ASSESSMENT FOR A.Y.2014-15 WAS REOPENDED U/S 148 DUE TO AUDIT OBJECTION. FALLOWED BY REOPENING AO ON VERIFICATION OF ASSESSEE COMPANIES RECORDS SATIFYED REVENUE AUDIT WITH  NECESSARY DETAILS, FALLOWED BY THIS REVENUE AUDIT DROPPED REOPENING OF ASSESSMENT. AO UPLOADED DROPPING OF REOPENING ORDER ON NFAC PORTAL IN THE MEAN TINE NFAC ISSUED 142(1) NOTICE AND ULTIMATELY COMPLETED ASSESSMENT BY RAISING HUGE DEMAND WITHOUT TAKING COGNIZENCE AO'S ORDER OF AUDIT OBJECTION


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  WDV u/s 43(6)(c)
Opening WDV as on 1-4-2021 Of only Vehicles Block(consisting of Car A-WDV Rs. 1 Lakh and Car B-WDV Rs. 8 Lakhs) is Rs. 9 Lakhs. During the year 2021-22, Car B is stolen. Insurance claim of Rs. 12 Lakhs is received. One new Car C is purchased for Rs. 22 Lakhs during the year 2021-22.What will be the WDV for working out of Depreciation for the year 2021-22 under the circumstances. Also, how these transactions should be booked in Books of Accounts.


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  dairy farming income
hello, i just want to know if dairy farming income is below 2.5 lakh. is it taxable? thanks.


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  Sec. 54F
Assessee is an individual and partner in partnership firm engaged in the business of advertising.  In the A.Y. 2008-09. Assessee received a amount of Rs. 1 cr against his right in the property,  which is liable for longterm capital gain. Assessee invested the amount of Rs. 1.25 cr for purchase of residential bungalow alongwith the land appertatnent their to by executing the Development Agreement and power of attorney  by paying full stamp duty and also taken the possession of the said property.  The assessee has not carried out any Development on said property and after holding for period of 42…


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  Recourse Against Order Passed U/s.148A(d)
The Assessee had not filed Return of Income for AY 2015-16 and missed out show cause notice u/s.148A(b) which gave time limit 22/04/2022. Notice u/s.148 is also received requiring the assessee to file return of income within 30 days.


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  Sec. 153C and incriminating documents
Assessee is an individual. during the course of search with his brother and his companies on Aug.2013 following documents were found . a. Cash deposit slip about deposit of cash 1050000/- by the said co. b. Gift deed for gift of shares in Pvt. limited co  by the assessee to his father. and other relatives were found. on the basis of these documents  Notice U/Sec.153C was issued in jan 2016 for A.Y. 2008-09 to 2013-14. while recording the satisfaction the AO has stated that from verification of seized documents it reveals that assessee has certain undisclosed income  for the A.Y.…


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  Time limit to issue refund under VSVS Act 2020 by AO?
My form 5 under VSVS 2020 has already been issued by the department 4 months back granting me refund. The same has not been issued by the AO to us, even after 4 months of issuance of Form 5. Kindly update me with, what is the time limit for issuance of refund under VSVS 2020 & where we can file complaint against the AO? What is the process of filing a complaint against AO to PCIT for not issuing refund under VSVS 2020?


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