Outstanding loan has not repaid as the name of the Company was strike of by the ROC , Whether the Assessing Officer can make addition u/s 41 (a) of the Act ?

HUF had taken loan from a company in which Karta is Director. The name of this company was automatically strike of by the ROC i.e. Closed. Now, the HUF cannot pay the loan as the company has been closed. HUF has received show cause notice for A.Y. 2018-19 why loan amount outstanding may not be added to your income u/s 41(a). HUF is ready to pay loan amount how to deal with this problem and case law may please be given. We seek your guidance.

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  Whether the Assessee can request the DVO to make valuation report ?

Can assessee suo moto approach DVO for valuation, even if AO is not approaching DVO for the same?

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  Can prosecution proceedings be launched before completion of assessment proceedings or pendency of appeal?

Can the prosecution be initiated during the pendency and before the completion of assessment or during the pendency of Appeal before the appellate authority?

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  How many years the books of account and other documents shall be kept and maintained by the persons carrying on certain profession u/s 44A(3) of the Act?

For Income tax assessment    For how much period the books of accounts are required to be kept under the Income - Act, 1961?

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  whether sale of furniture is liable to capital gains tax?

A House property is sold for a consolidated value of Rs.1 Crore along with furniture. Value for the purpose of stamp duty of the house property is 95 lakhs & furniture for Rs.5 Lakhs was mentioned separately in the agreement. What will be the treatment of Rs.1 Crore receipt for computing Capital gain on house property sale? Value of furniture being personal asset whether liable to tax or not?

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