Client Assessment was completed under 143(3) and appeal was filed and later opted for Vivad se vishwas scheme. Taxes paid. Now PCIT issues SCN under section 263 for reopening of Assessment for the same issue higher quantum. Is it permitted?
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There is demerger of one undertaking (out of 3). Transferor co. paying Self assessment tax while filing pre-merger position return. Revised the return for post-merger position to be filed after receipt of NCLT order. While filing revised return, there is going to be a refund in the transferor company and tax to be paid additionally for the transferee company. We want to make use of the tax paid earlier by the Transferor company, (relating to the demerger undertaking) for the Transferee company so that no need to pay tax once again nor refund is claimed. What is the procedure to…
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Can I claim deductions and exemptions in return filed in response to notices u/s 148 of the Act even though I have not filed my original return u/s 139.
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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?
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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 .?
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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.
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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??
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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.
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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…
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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…
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Reopening under section 263