Dear Experts I have filed VSVS 2020 scheme for AY 2017-18 and paid all dues, form-4 issued to me, now department ask 25 % surcharge on unexplained money since while preparing the computation of income the surcharge @ 25% not levied and the agriculture income was not considered for rate purpose in computing the tax. A order under section 154/147/142(1) issued to me and demand under section 156 for tax with interest and penalty. I ask to experts that what remedy remain for me, can I challenge this order before Commissioner Appeal or since I have adopted VSVS 2020 then…
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Assessee is an Individual engaged in the retail business and disclosing his income u/SEc. 44AD of the Income tax. Assessee has made the booking of flat with builder. On the basis of some noting on the loose paper found during the course of search with the builder and on the basis of his statement U/Sec. 132(4) about acceptance of On Money from flat holders, Notice U/Sec. 153C was served. Assessee filed returns for 6 A.Y. and asked for the copies of seized papers, statement of builder and opportunity of cross examination. However the opportunity of cross examination the builder does…
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Assessee is lady who purchase a shop from the developer. During the search action with the developer certain loose papers found which include receipt of cash payment signed by husband of the assesee. Which states that amount is paid against purchase of of some flat and number of flat is also mentioned . Assessee submitted that said flat is not purchased by the assessee and also submitted the evidence in support of the same by producing the index II which shows that the said unit is purchase by other person. AO has issued show cause to tax said amount in…
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Assesseee is private limited company. In addition to Remuneration to Directors , Incentive is paid to them on the basis of profit of the company after finalization of audited accounts and immediately Tax is deducted an paid in the month of June every year. Co is received show casue Notice as to why prosecution should not be made on the ground of not deduction tax on monthly basis and delay in payment of same. Company take a stand that since the incentive is link with finalization of accounts , it can not determined the amount of incentive and therfore there…
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FORM 3 ISSUED. HAVING BALANCE IN PD ACCOUNT WITH THE INCOME TAX DEPARTMENT DUE TO CASH SEIZED AND ASSESSMENT MADE. CAN I PAY FROM PD ACCOUNT UNDER DTVSVS.
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Facts Demand raised against the assessee after assessment u/s 143(3) First appeal preferred and order in favour of assessee. Amount refunded by department as no addition sustained for refund as well as demand paid along with interest u/s 244A. appeal preferred by the department against order of CIT appeal before Honourable ITAT Meanwhile assessee settled the dispute under VSVS by paying 50% Now revised form 3 received seeking to recover 244A interest already granted to assessee on earlier interest paid and also seeking to collect 234D interest @ 0.5% from date of refund to date of payment under VSVS. Question…
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Assessee is partnership firm engaged in the business of construction and development of housing project. Assessee firm has filed the Return of Income for AY 2018-19, 2019-20 and 2020-21. While filling the Return of Income as per advice of CA, added back the difference in stamp duty valuation and actual consideration u/sec 43CA of the Act. While making this disallowance, assessee firm has added the difference even though the same is less than 10%. Since the disallowance was huge, assessee firm has uploaded the Return with out making payment of self assessment tax. All the returns are processed u/143(1A) of…
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Sir, Thanks for providing us the updated judgements. Whether these are now not updated, as after April'2021 we are not able to see any update in judgements. Please confirm & clarify
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When Mr A wants to sell a ownership flat received free by him on surrender of tenanted flat at the time of redevelopment . What is its cost and what is period of holding ?
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1.Penalty of Rs.5,00,000 u/s 271(1)(c) was deleted by CIT appeal on the ground that penalty order passed by A.O. was passed after six months u/s 275(1)(a) . 2.The revenue is in appeal before ITAT on the ground that i) The penalty order was received late by CIT ii) The case is covered under exception to small tax effect circular of CBDT para 10(a) iii) Appeal admitted by the High court in quantum case is not relevant since withdrawal application has been filed by the assessee as per Vivad se Vishwas scheme. 3. On behalf of the assessee it was submitted…
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Proceeding under section 154 after VSVS Scheme