Search conducted from unknown party, excel sheet found and some data found in that excel sheet regarding my property. AO can make addition on that basis
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Certain Addition were made to the Return of Income On account of Investment in House Property and Difference in stock found During Survey operation in Assesment completed u/s 143(3) For AY 2006-07. In Quantum Appeal Before CIT(A) the Additions Were Confirmed. ITAT vide Order Dated 08/07/2016 Confirmed the order of CIT(A). The Said order of ITAT as per certificate issued by Registrar was sent to Principal Commissioner on 09/09/2016 Penalty Notice u/s 271(1)(C) was Issued for Concealment and furnishing inaccurate particulars of income.(in the printed form non applicable portion was not struck off) Penalty u/s 271(1)(c)was lavied by A.O. by…
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Assessee is a Private limited co engaged in manufacturing of dairy products. In the year 2012-13, assessee co has received subsidy from the Govt of Maharashtra, in respect of investment in Plant at back ward area in the status of Mega Project under the Package Scheme of Incentives, 2007, (‘PSI’). As per the Eligibility Certificate, assessee co shall be entitled to: Electricity Duty exemption for the period of 7 years from the date of commencement of commercial production. 100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department. Industrial Promotion Subsidy (`IPS’) equivalent to the…
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A Individual recived a Immovable property namely flat by Registred Gift deed in July 2021. The stamp duty value of the flat is Rs 80 lakhs. At the time of filing Income tax return for the Assessment year 2022-23 the consultant pointed out that since this is not a gift from relative , the amout of Rs 80 Lakhs will be taxable under section 56(2)(10). Now the said Individual has entered into cancellation deed and has cancelled the said gift from its inception. Please confirm if there would be any liability now on account of Section 56(2)(10)
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Assessee is charitable Trust under Bombay Public trust Act, having charitable objects in operation since last 15 years. Trust has immovable property as asset and also investment in Fixed deposits out of Funds created for specific purpose . The trustees have decided to convert the same in to Sec. 8 of the Companies Act, with Guarantee. a. whether there are any tax implication under Income tax Act 1961 on such conversion. b. whether any stamp duty is required to be paid.
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A battalion of Special Armed Forces has been given a licence to operate a petroleum outlet. It has obtained PAN in the Government category (4th character of PAN is 'G') and then also got GSTIN. My query is whether the said battalion of SAF is required to get its account in relation to its petroleum outlet audited u/s 44AB of the Income Tax Act and whether it is liable to file its return of income in respect of its petrol pump. If the answer is in affirmative, then which ITR will be applicable, and what would be the status and…
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To my questions ASKED, > "Answer given by Advocate Shashi Ashok Bekal The new tax regime DOES NOT AUTOMATICALLY APPLY # to any assessee. Once the new regime is selected the assessee cannot go back to the old regime. FURTHER, IT IS VERY MUCH POSSIBLE THAT THE TAX LIABILITY COULD BE LESS IN THE OLD REGIME VIS-A-VIS THE NEW REGIME, ESPECIALLY WHEN THE ASSESSEE IS CLAIMING DEDUCTIONS UNDER CHAPTER VIA OF THE ACT. #" FONT (supplied) < ?!? #/## Me understand that the CPC System in place does not at all permit a taxpayer to automatically upload the completed applicable…
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Assessee was Purchasing kirana items in cash from local market to avail benefit of cash discount. He was supplying the same to retail kirana shopkeepers in remote places & was receiving payment in his SB A/c deposited in cash at respective places of purchasers. No books of A/c maintained. No purchase & sale bills are available. Saving bank statement clearly revels that - (i) Simultaneous deposits & withdrawals in bank A/c (ii)No capital expense. (iii) Increase in bank balance about Rs8000 (iv) Peak credit about Rs.500000. During FY 10-11 on the basis of AIR information that assessee has deposited more…
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Hello: I am representing myself in a civil case and have appealed a lower court's decision to the NH Supreme Court. The reason that I am reaching out to you is to obtain a definition of a legal term as it would relate to my appeal. The NHSC has sent me concerning my case a terse legal term, That term is: "not argued". Please explain the significance of that term in the appeal process, Thank you. Sincerely, Lance Costello
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Assessee is a Private limited co engaged in manuf of dairy products. In the year 2012-13, assessee co has received subsidy from the Govt of Maharashtra, in respect of investment in Plant at back ward area in the status of Mega Project under the Package Scheme of Incentives, 2007, ('PSI'). As per the Eligibility Certificate, assessee co shall be entitled to: a.Electricity Duty exemption for the period of 7 years from the date of commencement of commercial production. b.100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department. c.Industrial Promotion Subsidy (`IPS') equivalent to…
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Addition made on the basis of Excel Sheet