PF/ESI deposited after due dates of respective Acts but before due date of filing ITR for A.Y. prior to A.Y. 21-22. Jurisdictional ITAT, Indore Bench consistently deleted the additions made on the above issue, holding that amendments made by Finance Bill 2021 on the above issues are not applicable before 31.03.2021. No subsequent order of Jurisdictional High Court of MP Revision u/s 264 filed before Jurisdictional P.C.I.T. Indore. Query Whether the order of Jurisdictional ITAT are binding in Revision u/s 264? Whether different view can be taken? Citation Please Thanks & Regards
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Sir, A NPO registered u/s 12A filed return of income for AY 2020-21 belatedly though tax audit report was filed within due date. Exemption was denied u/s 143(1) by CPC, kindly elucidate follow up action to be taken.
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Respected sir, A charitable trust regd u/s 12A failed to file audit report in form 10B before the due date for filing tax audit report. However it filed tax audit report before filing return of income and filed return within due date for filing ITR. CPC while processing u/s 143(1) has not allowed the entire expenditure as application of income and treated the gross receipts as taxable income and taxed accordingly. in the intimation no reason given for the disallowance. for filing appeal what grounds can be taken and apart from appeal , any other alternative remedy available .…
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Whether extension of time granted by Supreme court is also applicable on Revision petition u/s 264 of Income Tax Act.
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Assessee is LLP engaged in the business of real estate in Maharashtra . The LLP is owner of the land having book value of 10 Cr and said land is shown as stock in trade . Assessee and other 3 parties have decided to form a partnership for development of project on the said land. Assessee will introduced the said land as capital contribution for it book value. Issues : 1. Whether there are any stamp duty implication for introducing the said land at book value as capital contribution in the Firm 2. Whether provisions of SEc. 43CA and Sec.…
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I left my organization Saxo Bank, Gurgaon, Haryana back in June 2021, and they deducted 1.9 L as Notice Period recovery and settled everything in Full and Final Settlement in which I paid them the left over recovery amount. Last month's salary was not paid, and while I was serving the Notice Period, I paid them the projected Notice Period recovery. In the final F-16 I recieved from them they've kept the whole 1.9L as a taxable income, I asked them to correct it. And they asked me to claim it in ITR. When I claim it in the ITR,…
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Assessee received order u/s 148A(d) for A. Y. 2013-14 and 2014-15 of the Act within the time limit of 30 days from the date of reply given. However, in the said reply, the AO has not considered the detailed objections raised by the the assessee and also not provided all the information and documents relied upon as required by the decision of Hon’ble Court in the case of Ashish Agarwal, tough it is mentioned that same has been provided to the assessee. In the order u/s 148A(d) of the Act, the AO has stated that assessee’s request for copies of…
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Abcd solutions sdn bhd (ABCD) registered, incorporated and resident in Malaysia. The shareholders comprising of 4 individuals ( 3 malaysian residents and 1 Indian residents). 3 malaysian residents are also the directors of the company. Xyz the indian reaident shareholder based in India represents the company in meetings with suppliers in India. However the business decisions are made in Malaysia (by the 3 directors) ABCD does not have any employees or place of business in India. ABCD derives 100% commission income from India. Q1 - Based on above facts, does Xyz presence in India create a PE risk in India?…
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There is a Partnership Firm having three partners.The Net worth of the Firm is Rs. 100 Crores (considering Market value of Goodwill and Immovable Properties-whereas Net worth as per Books of Accounts is Rs. 50 Crores) as on 31-03-2022. A new Partner is admitted in the Firm on 1-4-2022 and he is given 25% Share of Profit in the Firm whereas existing partners Share is reduced. New Partner contributes Rs 25 Lacs in Firm as his Capital Contribution.Existing Partners are not given any Stock nor any Immovable Property nor any money over and above the balances appearing in their capital…
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Assessee had land in dholera. Dholera has population of 2500 peoples. There is no town within 20 kms from dholera (land of assessee) having a having population more than 10000. The government has recently recognized dholera as residential zone and passed town planning. Q - whether the land of assessee will be considered as agriculture land as population of dholera is less than 10000 and whether sale of said land will be taxable? Q - Or whether due to the status of land being residential zone and under town planning, the sale of given land will be taxable Q -…
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Binding nature of Jurisdictional ITAT order in revision u/s 264 of IT Act 1961