Answers By Expert: KSA Legal Chambers
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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1.What is time limit for initiating and levy of Penalty U/Sec 271DA of the Income Tax Act.1961. 2. Whether it is to be initiated in the assessment proceedings.
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Assessee is jewellery and sold jewellery to Mr. A of Rs. 5 lakhs , Who is director of ABC co . In the assessment proceedings of ABC co it is found that cash has been deposited in Bank account of ABC co and payment has been given by RTGS from account of ABC co to assessee. Ao of ABC co intimated the said information and statement of Mr.A that transaction with assessee of purchase of jewellery is accomodations entry. On the basis of this information assessee case was reopened u/Sec. 147 and Addition of Rs. 5lakhs is made U/Sec. 68…
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153C proceedings