Company amortize lease premium paid for leasehold land every year in its books of account and got disallowed while computing the taxable income under the provision of Income tax act considering the same is a capital expenditure. However no adjustment has been made while computing book profit u/s 115JB of Income tax act. Accordingly book profit is lower to that extent. The AO added back the same. How to proceed, please guide.
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Penalty u/s 270A was initiated on addition of conveyeyance expense Say 5% for want of vouchers etc but mentioned in Assessment order as Mis reporting of income. Assessee filed form 68 u/s 270AA claim ing immunity from Penalty within a month of the order but as per section 270AA immunity is not available in Misreporting of Income.How to proceed . Pl Guide and refer some judgements.
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Dear Sir, My query is as follows: If a search on a person took place on 30.09.2015 Return for assessment year 2014-15 filed on 30.09.2015 Last date for issuing notice under section 143(2) is 30.09.2015 Whether we can say, proceeding for A.Y. 2014-15 is unabated proceedings or not Whether the plea that addition can be made only on the basis of search document can be taken for A.Y. 2014-15
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Notice U/s 143(2) issued by ITO wd 20(3)(5), who has no territorial jurisdiction over the assessee for AY 2014-15, actual jurisdiction lies with ITO Wd 19(3)(5), an objection to that effect was filed within 30 days of issue of notice. However ITO 20(3)(5) asked for details time to time and assessee provided whatever the ITO asked for and an order was passed U/s 143(3) with an addition of Rs. 1 cr by disallowing LTCG on shares considering it as bogus. Assessment was completed without removing objection filed by the assessee for jurisdiction. The assessee is in CIT (A), CIT (A)…
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Sir, the IT deppt. had sent to the bank attachment notice of an assessee on february 2020. The assessee's appeal is pending and he has not paid 20% of the demand. He has filed for saty of demand but no reply has been submitted. In the mean time,6 months have elapsed and no extention letter has been sent to the bank for attachment. Can the bank account be released based on expiry of 6 months?
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Dear Sir, One Charitable Trust with 12A and 80G registrations would like to donate to another Charitable Trust 12A and 80G registrations. In the light of the new amendments, can this be done?. If it can be done, any steps are precautions to be taken?
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Can a NGO sign a JV with Agency for implementing the project and receive funds directly from the donor company to the implementing Agencies.....
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what would be taxability on waiver of loans in light of section 2(24)(viii). What will be taxability in case a private limited company waives its loan given to another private limited company. Will it be taxable u/s 56(2)(x)
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If additions are made of more than Rs. 2 lakhs, under section 68 for cash credit or section 56 for gift received, whether section 269ST can also be applied by the AO and say there is violation of this section?
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When a private limited company makes an inter-corporate deposit with another sister company where a common shareholder holds more than 20% in both companies, whether provisions of deemed dividend u/s 2(22)(e) are applicable? What would be the implication of deemed dividend if debentures are issued by one company and subscribed by the other sister company?
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Whether Lease premium amortization allowable on calculation of Book Profit U/s 115JB of the Act?