sir, During assessment proceedings , consequent to revision u/s 263 , the range additional commissioner of income tax has issued directions u/s 144A of the Act, whether the addl commisioner action in issuing directions to the concerned assessing officer is valid in law , he issued letter to the assesse for hearing. further , the additional commissioner of income tax issued letters to the partners of the assessee for hearing . pl guide me and any relevant case law
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Assessee is an individual and has made claim U/Sec. 54F in respect of investment in the bungalow along with the land. while executing the agreement , the assessee has executed Registered Development Agreement , where in the description of property it is clearly mentioned that it is land with the constructed bungalow. However the AO has rejected the claim on the ground that the investment made by the assessee in the property is not for purchase of house property by the assessee but assessee had taken it for the purpose of Development of the property. Assessee is not engaged in…
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Assessee is partnership firm engaged in the business of construction. assessee firm has filed the declaration under IDS for A.Y. 2015-16 and 2016-17 in respect of Income earned during the relevant A.Y. .In the said declaration assessee firm has claimed the credit for payment of advance tax paid prior , however the PCIT has not allowed the credit and considered the IDS declaration as invalid . The assessee firm has filed the WP against denial of credit of advance tax in IDS declaration and the same is pending before the HC. AO has issued the Notice U/SEc. 148 on 30.06.2021…
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Facts of the case: 1. Assessee is carrying on business of manufacturing paper bags and ROI is filed u/s 44AD till AY 20-21. 2. For AY 21-22 alongwith manufacturing activity he has also done Futures and Options transactions the summary is as below: Manufacturing Activity- Turnover Rs. 9.91 lk and Profit Rs. 1.59 lk F&O - Turnover Rs. 2.24 crore and Loss Rs. 3.12 lk Assessee has prepared separate P&L for both business and common balance sheet. Query: 1. Can assessee take the benefit of Proviso to Section 44AB(a) (As nothing in Cash for F&O business- criteria met. For manufacturing…
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Let's say one of the share holder, A (Non- resident), of ABC Pvt has renounced his right to subscribe to right issue to D (Non- resident). Would D attract provisions of sec 56(2)(x)? Also what would be the tax implication on A?
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Search warrant is issued in the name of Mrs X and her son Y. Mrs X owns Flat no 1 in first floor and her son Mr Y owns Flat no 20 in 3rd floor. Only Flat no 1 is mentioned in the search warrant containing the names of Mrs X and Mr Y. This issue was not contested at the time of search Mr Y was not in the premises at the time of search, summons were issued only to Mrs X and not Mr Y. Now, 153A notices are issued to Mr Y also seeking him to file…
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The assessee is a private limited company engaged in the business of manufacturing of machinery required for construction activity. The intrinsic value of its shares is Rs. 150/- (Face value Rs. 10/-). The FMV of the shares is Rs. 200/-. The company is issuing right shares to the existing shareholders at par i.e Rs. 10/- per share. What are the tax implications of this transaction under Income Tax Act as well as Companies Act? Please Guide
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Finance Act 2021 has introduced new provision of taxation on transfer of capital asset or stock in trade on dissolution or reconstitution of Partnership Firm and AOP vide new section 9B and amended section 45(4), A conversion of a Partnership firm under Chapter XXI of the Companies Act 2013 may not result into reconstitution of Firm or AOP. Hence above provisions may not attract ? This would mean that if self generated Gooldwill is bought into firms book by crediting partners capital acount and there after converting this firm into PVT LTD may not attract any tax ? Section 56(2)(10)…
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Assessee is individual and filling return regularly by offering income U/sec. 44AD . During the course of assessment proceedings assesee submitted the summary of cash account and bank account deposits in bank account is less than the Turnover also submitted statement of affairs .Assessing Officer has added entire turnover as unexplained receipts u/sec. 69A of the Act on the ground that assessee has not given the evidence of items traded and proof of sales . Is the action of AO is correct , he has not given any show cause Notice in this context. Pl guide
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Dear Sir, A portion of my land which is non agricultural was acquired by the Govt.of Kerela for construction of a bridge in 2017. During this time they had verbally mentioned that this was tax free. They gave me the compensation for the land acquired, but now I am being told that I have pay capital gain tax for this. Can i just ignore this and avoid paying tax for this compulsory acquisition of non agricultural land? This is really unfair that the govt. takes land forcefully from people and then we are forced to pay tax on compensation given…
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revision procedings u/s 263- assessment