Assessment order was completed u/s 144 of the Act by making an addition of Rs. 20,70,000/- along with demand notice raising demand of Rs. 1,03,62,001/-. In the computation sheet gross total income was considered at Rs. 82,80,000/-. An assessee filed an appeal against the said order before CIT(A). The assessee has also filed an application u/s 154 of the Act pointing the mistake apparent from record in the computation sheet enclosed along with the demand notice. The AO has passed order u/s 154 on 11.02.2020 and reduced the income by Rs. 62,10,000/- and raised the revised demand of Rs. 25,90,455/-.…
► Read Answer
I received form 3 on 27 september 2021. Do I get 15 days time to pay from 27 september 2021 or 30 september is last date?
► Read Answer
Assessee is partnership firm having 5 partners ,engaged in the business of construction. The firm has undertaken the construction of housing project. In the partnership deed, it is agreed by and between the partners that all partners will contribute the capital equally and their profit sharing is equal. It is also agreed that in case capital contribution is not made equally, then the profit sharing which is decided as equal, will be change as per the capital contribution by executing the fresh partnership deed. Accordingly partners have decided to execute the partnership deed and change the profit sharing ratio as…
► Read Answer
Sir, Are the penalty proceedings u/s 270A mandatory in nature? In every case where there is an addition made during assessment proceedings, will it result in initiation of penalty either by way of under reporting or mis reporting? Is the legal precedence established by the Hon'ble SC in various cases like that of Reliance Petro Products, Ashok Pai etc., no longer applicable?
► Read Answer
In calculation of deduction under section 54F whether actual sale consideration will be considered for net sale consideration or 50 C will you will be considered
► Read Answer
The assessee entered into a contract with an architect firm to provide design, drawings, structural drawings, interior designs etc. for a project for a period of three years. Please advise as to whether the TDS would be made u/s 194C or O194J, If u/s 194J then what would be rate of TDS i.e. 2% for technical services or 10% for professional services.
► Read Answer
A family comprising of Husband (SK), Wife (N) and a minor son (S) was assessed to tax as a Hindu Undivided Family(SK HUF). The husband expired and the HUF continued with the wife as manager as the son was still minor. The minor had his own income also which was being clubbed with his father, and after the death of the father the income was clubbed with his mother. The wife(N) got remarried to a divorcee (Y) who is having 2 daughters from his previous marriage. S, the minor son of the deceased SK and N is now not having…
► Read Answer
The assessee during the year under consideration sold unlisted shares on 16.06.2017 taxable as LTCG and claimed the deduction u/s 54F of the Act on account of amount invested in Residential House Property As per department the assessee is ineligible to claim deduction u/s 54F of the Act as he owned two residential house property, apart from the new residential property. Assessee has executed registered agreement for assignment of the flat owned by him on 05.04.2017. The assessee has received more than 97% of the consideration as on 30.04.2017 and accordingly gave the possession of the said flat. Affidavit of…
► Read Answer
Assessee is Partnership firm of two person, father and son . Firm has assets which includes immovable property on which depreciation is claimed and also other current assets like stock in trade etc. On 4.07.2020, one of the partners I.e. father expired . Since there are no legal heirs , the other partner I.e. son become the proprietor of the business. Kindly guide whether provision of Sec. 9(b) and 45(4) are applicable and implications in the hands of sole surviving member in the family.
► Read Answer
My Form 4 is not accepting by new portal in the final stage of FORM4 submission . Shows reason " Invalid format of ARN" . I am able to enter payment details.(no option for challan attachment ). Asking for proof of withdrawal. Appeal pending with CIT(A). Even if attaching acknowledgement of submission on hearing and attaching that acknowledgement, showing error. Any specified format for APPEAL withdrawal proof on FORM4 .
► Read Answer
Refiling of appeal