Answers By Expert: Mr .Ganesh Purohit
Assessee received notice u/s 148A(b) dt. 16.08.2024. He file reply on 24.08.2024 mentioning as under:- Copy of Approval not provided with the notice u/s 148A(b) and order u/s 148A(d) but provided with notice u/s 148 which was issued on 31.08.2024. Asseessee asked for documents on the basis of which the department wants to re opening the case. The department issued notice on the basis of investigation report but no inquiry was conducted by the officer who issued notice u/s 148A(b). The assessee asked for statement of the persons concerned and also cross examination of the person who issued statement but…
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The assessee sold a rural agriculture land in PY 2019-20 and the same was not shown in original ITR and now reassessment is going on. The assessee had receieved Rs. 37.5 lacs in cash and remaining payment through cheque. The assessee had given statement on oath u/s 131A that he had received cash of Rs. 37.5 lacs also the agreement of cash sale was available with department. Whether penalty under section 269SS will be levied on sale of such rural agricultural land ? Secondly, whether ITR can be filed in response to 148 notice beyond 90 days and can we…
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i hold tenancy rights to a commercial premise the tenancy is in the name of my partnership firm the entire building is going for re-development due to notice issued by MHADA under clause/rule 79 will my firm be liable to any tax due to conversion of tenancy to ownership of the property ?
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Whether online paying of poker games and winning from same be declared as profit & Gains from Business
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Tribunal recently on dated 26.06.2023 passed an exparte order on an appeal filed by the revenue and same order was served around dated 30.07.2023 mentioning the point that on perusal of record we find that department contention is correct ,whereas in contradiction to the same when we approached ITAT to check the file they refused on the pretext that same is missing ,disappointing by such act of ITAT we procured the copies of documents of such appeal proceeding under RTI act 2005 ,initially even under RTI application the documents of file was refused by ITAT by telling by ITAT that…
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271(1)(b) - can penalty us 271(1)(b) levied for incomplete reply ?
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The Assessee paid 3.69 lakhs as cash to builder for acquiring flat. Since he was a salaried employee no balance sheet was prepared while filing return of income. The assessee submitted that the cash was paid out of drawings from the bank and provided bank statement showing the cash withdrawals. However the A O made addition as per provision of section 69 stating it is a clear cut case of unexplained investment. Now the assessee is in appeal against the order.Any guidance or case laws for deletion of the addition.
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Does the failure of the CIT(A) to consider binding jurisdictional High Court decisions constitute a mistake apparent from the record, eligible for rectification under Section 154 of the Income Tax Act?
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The Assessee is Partner in the Partnership Firm. It earns Share of Profit, Remuneration & Interest on the Fixed Capital as well as Current Account from the Firm. The Assessee had taken Loan and invested the same as Fixed Capital as well as Current Account of the firm.
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In continuation to what has been discussed in question number three above what would be the accounting entries in books of account of the firm on recording the same. Will the firm would liable to pay tax again when the stock in trade is actually sold or can the firm rate increase the value of its stock in trade, to the extent, the excess amount paid to the outgoing partner.?
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A.Y 2018-19 reopening of case