Assessee is partnership engaged in the business of real estate developers. Survey U/sec. 133A has been conducted , where a incriminating statement giving particulars of sale of flats , name of person , agreement value and cash accepted was recorded. Partner who was not looking after accounts had accepted the amount stated in coloum cash is extra consideration received. The amount for each unit is more than 2 lakhs. At the time of assessment the said partner had retracted from the statement. However AO made this cash as undisclosed income. Assessee later on received Notice u/Sec.269SS on the ground that…
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An individual settles his property to a private discretionary trust which has beneficiary as his brothers, brothers' wife, brothers' children and their spouses and their children. Since all the persons do not come within the definition of relative as defined in explanation to 56(2)(vii) , it may not be covered by the exception provided by proviso (X) to 56(2)(x). Question is, it being a discretionary trust where the individual shares are not defined, will section 56(2)(x) apply? If applied then how will one compute taxable part?
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For the year ended 31.03.2021 there was a mismatch in 26AS because of the slow website the return was filed without reconciling and resulted in lower income filed by Rs. 15 lakhs. How to rectify the same. Assesse is ready to pay taxes with interest but not penalty.
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The Assessee is a registered trust incorporated for educational and other anciliary objects. The trust for FY 20-21 has accumulated 85% of the income and intends to apply the same in the subsequent years within a period of 5 years. Now, in FY 21-22, the Assessee Trust intends to incur expenditure on repairs and maintenance of a school that forms part of another Trust. The payment will be made by the Assessee trust to the contractor directly, no amount shall be paid by the Assessee trust to the other Trust. The invoice will be raised by the contractor in the…
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Assessee is partnership Firm filed the Return of Income For A.Y. 2009-10. while uploading the return due to some problem in soft ware the claim of Depreciation was not correctly uploaded and also received the Intimation U/Sec. 143(1)(a) from CPC Banglore in the month of Dec. 2010. In this intimation , the adjustment of amount of Depreciation was made and demand was raised . The assessee was unaware of this fact, and when the call came from TRO in April 2022, the assessee came to know such demand. Assessee firm has claimed the depreciation on the WDV as on 31.03.2009…
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Hi All, my dad was a tenant and the redevelopment agreement was signed then. He passed away and consequently it was transferred to my mom. She signed the PAA in 2019 and we finally have sold the flat in 2022. what can be the cost of acquisition in this case. its very confusing answers that i am reading. Appreciate your help here
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assessee is partnership firm. has received the Notices U/Sec. 148 for A.Y. 2013-14 and 2014-15 after 31.03.2021. Therefore, wishes to challenged the validity of the same . whether assessee has to filed two separate WP or can file One WP mentioning facts for each year separately in the petition. pl guide
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Assessee is an individual. During life time of his wife who was bed return due to bad health, married with another lady. He had children from first wife . The first wife expired after the second marriage. The entire community and other family members have accepted second lady as wife of the individual. The person had a girl child from the second lady. On all records the name of children from first wife , daughter of second child and second wife have stated as members of HUF of the individual. After the death of an individual, the full partition…
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Dear sir, Penalty notice u/s 271B received on 11.11.2019, what is the time limit for completion of penalty proceeding.
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Dear Sir I have filed appeal against the order under section 143(1) of the Income Tax Act 1961 passed by NGP-W-(4)(4) vide DIN No NA on 3/11/2021 for AY 2020-2021 to Commissioner of Income Tax (Appeals)Income Tax Department. This Appeal I have filed in addition to Rectification Request filed in favour of Income Tax Assessing Officer. But Last I have got notice from Commissioner of Income tax(Appeals) stating that I have to submit ground wise written submission , alongwith suporting documentary evidences on or before 24th April 2022, But inbetween on 12th April 2022 I have got order against my…
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On Money and provisions of Sec. 269SS