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.
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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…
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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…
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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…
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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…
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any remedy for condonation of delay in filing form 10IE and return after due date ?
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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.…
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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…
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Assessee is an individual and regular in filling his return of income. Assessee has received the Notice U/Sec.153C for A.Y. 2019-20 and preceding 6 years on the basis of noting on the seized papers found during the course of search with the Developer from whom assessee has purchased the flat and statement given by the CFO of the developer U/SEc.132(4) of the Act that noting on seized paper is cash component in the transaction of purchase of flat and assessee has also accepted that said amount as on Money in the application made before the settlement commission and therefore the…
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Whether penalty levied u/Sec. 271D by the JCIt for contravention of provisions of sec 269SS on the basis of reference of AO made after 2 months of Completion of assessment completed u/sec. 143(3) of the Act. Is justified in law. Assessee relied upon the decision of Pune ITAt in the case of DR Kulkarni ITA No 444/PN/2013 JCIT relied up on decision of MP Highcourt in the case of Nitin Agarwal wp no 536 of 2018 Indore Bench . On the ground that this is only HC decision Whether order of JCIT is valid ? Is there any other decision…
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Levy of Penalty u/s 270A of Income Tax Act, 1961