Answers By Expert: KSA Legal Chambers
SIR, I already filed the before the CIT the notice u/s 147 r.w.s 144 but after that department has issued rectification u/s 154 r.w.w147 because of computation error in their assessment order so that my doubt is whether I have again to file the before CIT with new rectification order issued by the department u/s 154 r.w.w.147 or I have to file the rectification to the already filled appeal form 35. or I have not to take any action please clarify. Thanks and regards Gopal S
► Read Answer
KINDLY GIVE INFORMATION ABOUT ITAT APPEAL FEES IN CASE OF APPEAL WHERE AO HAS DONE ASSESSMENT WITH LOSS
► Read Answer
What arguments I can take in Reply to Penalty Notice u/s 270A. My case was pending before CIT (A) on issue of disallowance u/s 36(1)(va). Subsequently my appeal was dismissed by CIT (A) in view of judgement by Hon'ble SC in case of Checkmate Services Pvt Ltd. Now the Income Tax Department has initiated the Penalty Proceedings u/s 270A for under reporting of income.
► Read Answer
During the course of search jewellery weighing 5646.800 gms was found which was of Gold and also some dimonds. Family of assessee consist of 18 members which includes 10 married ladies , 5 individual, 3 unmarried daughter and one adult son. Assessee submitted that considering CBDT circular about seizing of jewellery, no jewellery is to be seized , however still Investigating Officer has seized 1646 gms on the ground that all the family members are though living in same building but are having separate kitchen hence all jewellery could be considered as explained. During assesssment proceedings have once again asked…
► Read Answer
In the assessment completed U/SEc. 144 where the AO has rejected the books of accounts and disallowed the entire loss claimed by the assessee co on the ground that assessee has not produced the books and other evidences . Further AO has also made an addition U/SEc. 68 for not giving any details about the loans and also not allowed the carried forward business loss as well as depreciation loss. Whether Ao can make addition U/SEc. 68, when he himself disallowed the entire loss on the ground of non production of books of accounts and non furnishing of any information…
► Read Answer
Assessee has challenged validity of the impugned section 153C proceedings for want of a proper satisfaction. Assessing Officer appears to have initiated the impugned section 153C proceedings in light of his satisfaction note prepared on 13.01.2016 that the corresponding seized material in fact “pertains to” the assessee during the course of search with xyz and thus had a “bearing” on its undisclosed income. ITAT has passed the order in favour of the assessee by relying upon the decision in Income Tax Appeal No.83/2014 CIT vs. M/s. Arpit Land Pvt. Ltd., dated 07.02.2017 has decided the very issue of validity of…
► Read Answer
For and on behalf of an NRI, Objections to the Draft Order u/s.144C were filed in Form 35A which was signed by Advocate. Letter of Authority in favour of the Advocate was also submitted simultaneously. The matter is pending with DRP. Recently ITAT Mumbai in the case of Bridge India Fund v/s ACIT ( ITA Nos. 457 & 458/Mum/ 2023 And SA 49 and 50/M/2023) pronounced on 01.08.2023 held that Form 35A has to be signed by the assessee only and Advocate can not sign the Form. Please advise whether we should file Form 35A again signed by the assessee…
► Read Answer
any remedy for condonation of delay in filing form 10IE and return after due date ?
► Read Answer
Assessee is an individual . he has purchase the plot in the year 2002 for Rs. 6 lakhs in the name of the wife and sold the same on 5.04.2017 for Rs. 66 lakh . The sale proceeds were kept in the capital gain account scheme in the name of wife . Assessee due to bad heath is expired on 17.10.2022 when he was of 71 years of age . The widow and three married daughters the of the assessee had no knowledge of this bank account and they came to know this in the month of July 2023.…
► Read Answer
Assessee is trust having registration u//Sec 12 A as well as recognition u/sec 80G. The trust is wholly for educational purpose and running school. There is no Govt grant to school. The school is also having income from Hostel fees from the students of school which are staying in hostel. Interest on Fixed deposit invested out of surplus . Whether trust should continue claiming exemption u/Sec. 11 as it has valid registration u/Sec 12 A or trust should apply for registration U/sec. 10(23C) Whether latest supreme court decision in case of New Noble education society will have impact on trust…
► Read Answer
Appeal before CIT 154 r.w.s 147