Tribunal recently on dated 26.06.2023 passed an exparte order on an appeal filed by the revenue and same order was served around dated 30.07.2023 mentioning the point that on perusal of record we find that department contention is correct ,whereas in contradiction to the same when we approached ITAT to check the file they refused on the pretext that same is missing ,disappointing by such act of ITAT we procured the copies of documents of such appeal proceeding under RTI act 2005 ,initially even under RTI application the documents of file was refused by ITAT by telling by ITAT that…
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Whether there are any judgements in which it is held that the provisions of section 56(2)(x) of the Income Tax Act, 1961 are not applicable in case of bonafide purchase of property. The difference between SDV and the sale consideration cannot be taxed under 56(2)(x) in case of bonafide purchase.
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Sir, Assessee an individual sold shares and earned long term capital gains (AY 2024-25). Invested in two adjoining flats by two seperate agreements, making two flats as one. Whether can claim exemption u/s 54F - refer word ONE residential house in Sec 54F. Please provide supportive case laws
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271(1)(b) - can penalty us 271(1)(b) levied for incomplete reply ?
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The assessee had not filed the ITR for the AY.2019-20 either u/s 139 or in response to notice u/s 148. In the assessment major addition of Rs.58,00,000/- was made under 69A and penalty u/s 271AAC was levied on it. In addition to this bank interest of Rs.12,000/- was added and penalty notice u/s 270A issued twards under reporting of income. In such cases what is the under reporting income , whether it is Rs.58,12,000/- or Rs.12,000/- . If it is Rs.58,12,000/- the penalty u/s 271AAC was already charged on Rs.58,00,000/- and charging again u/s 270A is not tenable, because the…
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AOP assessed at MMR of tax is paying tax at 30% with no exemption and tax is not levied based upon slab rates. It has non agricultural income of Rs 3,00,000/- and Agricultural income of Rs 40,00,000/- One of the basic condition of partial integration is that it should have non ari income above the exemption limit. Since this is an AOP taxed at MMR it has no exemption limit. In such a case will partial integration of the agricultural income be justified? The AO claims its justified. Since the AOP is not taxed at slab rates, the AO has…
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The Assessee paid 3.69 lakhs as cash to builder for acquiring flat. Since he was a salaried employee no balance sheet was prepared while filing return of income. The assessee submitted that the cash was paid out of drawings from the bank and provided bank statement showing the cash withdrawals. However the A O made addition as per provision of section 69 stating it is a clear cut case of unexplained investment. Now the assessee is in appeal against the order.Any guidance or case laws for deletion of the addition.
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Does the failure of the CIT(A) to consider binding jurisdictional High Court decisions constitute a mistake apparent from the record, eligible for rectification under Section 154 of the Income Tax Act?
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Penalty u/s 271DA was imposed against the assessee but details of the transaction have not been given in the SCN issued before imposing penalty. Even the amount of penalty to be imposed not mentioned in the SCN. Is the penalty is valid.
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One assessee has purchase new residential property for section 54F benefit. Whether GST and Stamp Duty Paid on New Flat is allowed as deduction ?
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MISTAKE APPARENT FROM RECORD UNDER SECTION 254(2)