A battalion of reserve police force (RPF) has been allotted a petroleum retail outlet by Hindustan Petroleum Corporation Ltd. for sale of Petrol and Diesel. The battalion office has got its PAN under Government category with 4the character of PAN being 'G' and based on that PAN GSTIN has also been allotted. The petrol pump is selling Petrol and Diesel to public, other departments of state and central governments, and it has captive consumption as well. The sale during the FY 2021-22 which is the first year of operation is Rs.11.13 crores. Please advise on followings : 1. Whether Tax…
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reply by mr. Bekal is ambiguous. the question is " so dissolved firm due to death of one of two partners payment of 50 lakhs by remaining partner who will continue the business as proprietor or take some other as partner whether firm should pay tax on goodwill or otherwise one view in bcaj says that payment to legal heir is not taxable issue being common views of many persons needed my view is it is not taxable as legal heir is not partner
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The assessee company recd 148A notice in March 2022.The assessee replied.Matter was of 25 lakhs. 148A order dated 6/4/22 came on 6/4/22.Notice u/s 148 also issued dated 6/4/22. Is it valid notice .148 notice is time barred on 31/3/22 for AY 18-19 of below 50 lakhs matter.Experts opinion awaited,What should be assessee next course of action.
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RESIDENTIAL FLAT WAS SOLD IN FY 2015-16 AND CAPITAL GAIN AMOUNT WAS INVESTED IN CAPITAL GAIN ACCOUNT SCHEME WITH NATIONALISED BANK HOWEVER THE AMOUNT COULD NOT BE UTILISED FOR PURCHASE OF NEW HOUSE AND BY OVERSIGHT AMOUNT REMAINED IN BANKUNDERCAPITAL GAIN ACCOUNT SCHEME TILL FY 2022-23 WHAT COULD BE TAX IMPACT IF CAPITAL GAIN ACCOUNT IS CLOSED WITH BANK IN FY 2022-23
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Assessee has received the Notice U/SEc, 147/148 after 31.03.2021 for A.Y. 2016-17 and assessee has also filed the ROI in response to same. In this respect assessee challenged the validity of the said notice on the ground that Explanation A(a)(ii) and Explanation A(b) to the Notifications dated 31st March, 2021 and 27th April, 2021 respectively issued under The Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020 are ultra vires to the said Relaxation Act, 2020. How ever AO has not responded to the same. After the decision of Hon’ble Bombay High Court in the case of Tata Communications…
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Assessee is partnership engaged in business of developing of Housing Project. In the A.Y. 2016-17 has offered the income as per sales consideration received however the A.O. has assessed the income by invoking the provisions of Sec. 43CA and made the addition difference between the sale consideration and Stamp duty valuation. Also made reference to the DVO, his report came after the assessment and DVO also valued the FMV of the units sold and now the difference between the sales and value as per DVO is less than 10% in all cases except 2 cases where the difference is about…
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Firm with 2 partners A & B . A died on june 2020 B has taken C as a partner B & C has calculated the share of goodwill of A on the date of death. B and C decided to pay 50 lack in five years to the wife of deceased A whether the amendment made from 01/04/2020 is applicable in this case and any capital gain on this 50 lack is payable by the firm the goodwill amount calculated on death and paid to legal hair
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the assessee has been served with notice u/s 148A to explain transaction of immovable property sale for AY 2018-19. my queries are whether his legal representative can objection to issue of notice u/s 148A similar to section 148 ? whether reply should be given on facts along with objection to issue of notice u/s 148A and ask not to issue notice u/s 148 ? How reply should be given - online reply by his legal representative by adding himself as legal representative of his father or manual letter to jurisdictional AO? By all means, department will issue notice u/s 148…
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I have not received the assessment order for AY 2020-21 till now(2.4.22). Is the date completion of assessment has been extended. Can you please share the relevant notification. Thanks
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when is the last day for the assesing officer to pass order for the financial year 2019-2020 for scrutiny under section 143(3). what happens if no order is passed by the due date . is any extension given beyond 31-03-2022 due to covid
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Taxation and Tax Audit of Government entity