Assessee is promoter and Builder. During the course of carrying of business, assessee accepted one time deposit from flat purchaser for future maintenance of the building. AO is of the opinion that it is taxable in the year of receipt, where as assessee is saying that is not taxable in his hands as assessee is only custodian and after deduction of expenses incurred for maintenance, will be handover the balance to society. What is the correct position?
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Whether the loan given to the subsidiary company is a “capital asset” within the meaning of section 2(14) of the Income Tax Act and any loss incurred on “assignment” of such debt to the third party can be claimed as a short term capital loss?
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Assessee is an individual and purchase flat with one developer . During the course of search at builder , some loose papers were found where noting about on money were recorded. The builder has stated that these noting are in respect of extra work carried out by contractor for flat holders and developer is only conduit between flat purchaser and contractor and has not received any money. However to avoid the litigation and buy peace he is accepting the noting and accordingly addition is made in the hands of builder . On the basis of such acceptance and assesssment order…
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Query: (i) Whether HUF will continue? (ii) Who will be karta of HUF as the male member is minor? (iii) Can the partition be made by the karta?
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Query:- (i) Can the surrender of stock be treated as undisclosed u/s 69 of the Act? (ii) Application of section 115 BBE is correct in law or it can be treated as business income taxable at normal rate? (iii) Is it possible to apply 115BBE by passing 154 order when section 69 is not applied?
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Mr Headache is a Non Resident Indian bought a house at Delhi, from original allottee in 2020. The registry and delivery of possession is given by the builder in November 2021 in the name of Headache's wife Mrs Migraine, as the stamp duty chargeable to ladies have concessional rate for total consideration of Rs 2 cr. Mr Headache sold his inherited house in Maharashtra in October 2022 where he made a capital gain of Rs 90 lakh chargeable to Income Tax. He has following query Is it allowed in FEMA to purchase a residential house in India by an NRI?…
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Company has opted for “Vivad Se Vishwas Scheme, 2020” and intends to pay the disputed tax under this scheme itself by 30.06.2021. However, the same could not be paid as on date. The Company had already filed the appeal to CIT(A). Company now intends to pay the taxes via said scheme in year 2024. Can company pay the said amount under the said scheme.
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Assessee is an individual and has some financial transaction with the director of the company in which search action U/Sec. 132 was conducted . In the search a hard disk was found where the noting about the financial transactions were made for the F.Y 2018-19 . Some entries on the name of the assessee were also found. on the noting name of the firm in which assessee is partner is mentioned. Assessee has denied any transaction in cash with the company and also asked the documents and statement of persons on the basis of which the AO has drawn the…
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In the case of an assessee Hon'ble ITAT deleted the addition before the Judgment of Hon'ble SC in the case of Checkmate Services Pvt. Ltd. maintained by Ho'ble CIT(A) on account of payment of employees contribution to PF/ESI after due dates under the respective laws but before the due date of filing ITR. The aforesaid addition in dispute was made by CPC in Intimation u/s 143(1)(a). The department has filed M.A. within time limit before the Hon'ble ITAT. Query: Q1. Since the appeal effect is less than 20 Lakhs whether the M.A. is maintainable? Q2. Since the addition in the…
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If flat is transfered through Gift Deed to non relative (ex to Registered Trust) , whether provisions of section 50C of Income tax act will be applicable to Doner? Any case law / Citesation if any available please provide
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One Time Deposit for future maintenance