Sir, One of the it person new residential house construction estimate Value rs:1.50 crores Funds from bank loans rs:1 crores. Different persons each one @19,000/- total amount rs:50 lacs received for construction purpose Question: Assessess un secured loans huge rs:50 lacs amount received from different persons sec 68,69 provision applicable for it act.
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Whether non consideration of arguments submitted during hearing of the case amounts to mistake apparent from record and is amenable for filing MA before ITAT ?
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1. Whether Tribunal has power to condone the delay in filling an MA U/sec 254(2) of the Act 2. whether date of passing order of Tribunal or date of receipt of order is to be consider for calculating period of six month U/Sec 254(2) 3. whether Supreem court decision passed later on the issue can be ground to file MA, against ITAT order which has allowed appeal by relying then order of jurisdictional HC available at that time. pl guide
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A Y 2010-11 : ASSESSEE PAID ADVANCE TAX OF RS.2 LAKHS, WHICH IS REFLECTED IN FORM 26AS. THE AO IN ASSESSMENT UNDER SECTION 143(3) DENIED CREDIT FOR THE SAID PAYMENT ON THE GROUND THAT THE SAME WAS NOT CLAIMED IN THE RETURN FILED. ON APPEAL, THE CIT(A) UPHELD THE AO'S ACTION IN NOT GIVING CREDIT FOR THE ADVANCE TAX PAYMENT. PLEASE ADVISE THE COURSE TO ADOPT FOR GETTING CREDIT. IS THERE ANY CIRCULAR OR JUDICIAL PRONOUNCEMENT IN THE MATTER?
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Assessee is charitable trust having object of Education . During the year due to financial difficulties could not make the payment of TDS in time , however before receiving any notice from the department paid the TDS along with the interest . Now PCIT has issued SCN U/SEc. 276B/276BB of the Act. Assessee trust has submitted detailed reply stating the reasons for delay . however the PCIT has decided to initiate the prosecution proceedings . whether he is justified in law ? is there any remedy available ? whether the assessee should filed the WP before the HC? pl guide
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The assessee has paid tax arrears as determined by the Designated Authority and intimated via Form 3. However, the assessee failed to file Form 4. Till date he has not filed the Form 4. Is there any way to file the form now. Or what will be the consequence of not filing the form
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In case of assessee, SMC bench has decided the issue of validity of reassessment relying upon the Division bench decision of another Tribunal . Case of the other family member is before the Division Bench having identical facts . Whether Decision of SMC bench by JM is binding on the division Bench . Pl guide .
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Assessee is an individual and purchase flat with Builder in FY 2017-18 On the basis of search conducted at Builder on 2018-19 and loose papers found with him as well as his acceptance in settlement Commission about receipt of ON money, assessee has received Notice U/sec 153C . Noting on Loose papers seized is Surname of Assessee and some calculation of amount and interest . It does not have any date or signature or the place. Can assessee raise the objection on issuance of Notice U/sec 153 C on following grounds: 1. It is dumb paper 2. There could be…
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whether AO made addition as business receipt in A Y 2017-18 on the ground that unsecured loan accepted during the year by account payee cheque is not reflected in the bank account of the assessee and disclosed in the Balance sheet and cit a has confirm the same as unsecured loan u/sec 68 on the ground that assessee though has submitted confirmation , PAN , bank statement , however the depositer has not filed the ROI , assessee has not explained the source of money of depositer . whether it is permissible under income tax act 1961 ? Whether addition…
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ITO HAS FILED PROCEEDING U/S 279 RWS 276 OF I T ACT IN LOWER COURT. CAN WE APPLY FOR QUASHING THE SAME TO HIGH COURT U/S 482 OF CRPC IF YES, ANY DRAFT REQUESTING APPLICATION FOR THE SAME -CA KAMLESH JAIN +91-9820012145
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Huge amount un secured loans sec 68,69 provision applicable