Answers By Expert: Research Team
  FILING OF APPEAL AGAINST CPC DEMAND
ASSESSMENT PROCEEDINGS FOR AY 2018-19 CONDCUTED AND ASSESSMENT ORDER PASSED WITH NIL ADDITION, ACCEPTING THE RETURNED INCOME. BY NFAC DELHI. WITH RESPECT TO ASSESSMENT PROCEEDINGS UNDERTAKEN BY NFAC DELHI, NO COMPUTATION SHEET OR DEMAND NOTICE IS ISSUED. ONLY ASSESSMENT ORDER IS RECEIVED. LATER ON, CPC BANGALORE HAS RAISED DEMAND ON PORTAL AGAINST THE SAID AY ON ACCOUNT OF NON-GRANTING TDS CREDIT. WHAT ACTION SHOULD BE TAKEN? IT APPEAL IS REQUIRED TO BE FILED, THEN AGAINST WHICH ORDER, APPEAL SHOULD BE FILED?


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  Notice u/sec 153C of the Act and incriminating material
Assessee has individual who has purchase flat from Builder. There was search at the premises of Builder from whom assessee has purchased flat. During the course of search one statement in excel format in which name of flat holders, flat no, agreement value and on money , area etc mention. Builder has accepted that his additional income earned by him and paid the taxes. On the basis of this incriminating material and statement of Builder Assessing Officer has recorded a satisfaction note that on money amount is income to be taxable in the hands of assessee and sent the satisfaction…


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  WAIVER OF PENALTY U/S 270AA AND 273A
PLEASE EXPLAIN UNDER WHICH SITUATIONS, SEC 270AA AND 273A CAN BE TAKEN AS A STAND. Q - ASSESSMENT ORDER PASSED WHEREIN CERTAIN ADDITIONS WERE MADE. EVEN AFTER ADDITION MADE - THERE WAS NO TAX PAYABLE (REFUND AMOUNT GOT REDUCED). THEREAFTER PENALTY PROCEEDINGS UNDERTAKEN U/S 270A AND PENALTY FOR UNDER-REPORTING AND MIS-REPORTING LEVIED. AGAINST THE SAID PENALTY ORDER, APPEAL HAS BEEN FILED AND STILL PENDING. Q1 - CAN WE RESORT TO SEC 270AA - AS THERE WAS NO TAX PAYABLE. THE PERIOD OF 30 DAYS TO FILE APPLICATION UNDER THE SECTION HAS ALREADY EXPIRED. ANY CASE LAW WHERE SUCH DELAY IS…


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  TDS DEDUCTED IN ONE ASSESSEE BUT TO BE CLAIMED IN ANOTHER ASSESSEE
DURING AY 2017-18, PROPREITORSHIP FIRM WAS CLOSED AND PVT LTD COMPANY WAS FORMED. ALL THE WORK/CONTRACT WERE EXECUTED AND UNDERTAKEN IN PVT LTD COMPANY, BUT THE CONTRACTOR DEDUCTED TDS IN INDIVDUAL/PROPRIETORSIP FIRM. THE INDIVIDUAL IN HIS RETURN HAS NOT OFFERED ANY CONTRACT INCOME AND ALSO NOT CLAIMED THE TDS REFLECTED IN HIS FORM 26AS. AND THE PVT LTD COMPANY HAS OFFERED ALL THE INCOME AND ALSO CLAIMED TDS WHICH IS REFLECTED IN FORM 26AS OF INDIVIDUAL. ASSESSMENT PROCEEDING U/S 143(3) OF PVT LTD COMPANY FOR SAID AY UNDERTAKEN, WHEREIN NO ADDITION WAS MADE AND RETURNED INCOME WAS ACCEPTED. BUT IN…


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  Reassessment proceedings U/Sec.148
The assessee  is a Charitable Trust engaged in running a Primary School  solely for educational purposes. The only income earned is by the way of Tuition Fees from student and Interest income. The assessee trust  had its original return on 19.08.2016. and revised return of income for A.Y. 2016-17 on 26.06.2017, where there were lots of errors and the claims which were incorrect. such as assessee trust has claimed the the trust is registered U/Sec.12AA by quoting incorrect registration number, when the trust was not having registered U/Sec.12AA of the Act. The  AO served notice under section 148  in response…


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  Refiling of appeal
Assessment order was completed u/s 144 of the Act by making an addition of Rs. 20,70,000/- along with demand notice raising demand of Rs. 1,03,62,001/-. In the computation sheet gross total income was considered at Rs. 82,80,000/-. An assessee filed an appeal against the said order before CIT(A). The assessee has also filed an application u/s 154 of the Act pointing the mistake apparent from record in the computation sheet enclosed along with the demand notice. The AO has passed order u/s 154 on 11.02.2020 and reduced the income by Rs. 62,10,000/- and raised the revised demand of Rs. 25,90,455/-.…


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  Penalty proceedings – 270A
Sir, Are the penalty proceedings u/s 270A mandatory in nature? In every case where there is an addition made during assessment proceedings, will it result in initiation of penalty either by way of under reporting or mis reporting? Is the legal precedence established by the Hon'ble SC in various cases like that of Reliance Petro Products, Ashok Pai etc., no longer applicable?


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  VSV FORM4 SUBMISSION – FIle Name Format for Proof withdrawal
My Form 4 is not accepting by new portal in the final stage of FORM4 submission . Shows reason " Invalid format of ARN" . I am able to enter payment details.(no option for challan attachment ). Asking for proof of withdrawal. Appeal pending with CIT(A). Even if attaching acknowledgement of submission on hearing and attaching that acknowledgement, showing error. Any specified format for APPEAL withdrawal proof on FORM4 .


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  Whether penalty u/sec. 271D can be levied on undisclosed money surrender by the assessee during search/ Survey under Income tax Act 1961.
During the course of search/ Survey action some incriminating documents found which indicates assessee has received on money in cash in excess of Rs. 2lakh  from flat purchasers. He surrender the same and paid the taxes. Whether penalty U/Sec. 271D can be levied on this on money taxed as undisclosed income.


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  reassesment u/s 147 when CIT exercises revisonal powers
Sir, In one case, the CIT u/s 263 has set aside an assesssment u/s143(3) for a particular issue to be verfied by the assessing officer. However for the same assessment year, the assessing officer has re opened u/s 147 on another issue. Whether two proceedings  is possible for same  assesment year. How to proceed to  re opening notice, pl advice


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