A practical issue has arisen, though it is not of Technical Nature, but of an Administrative Nature, causing the concerned CA many practical difficulties, especially considerable space of his Office being occupied by the bulky Records of the Assessee. A Partnership Firm has presently pending litigation under the Income Tax Act, 1961 related to around AY 2005-06. Its Partners have refused to take back all Records of that Firm related to that AY from CA’s Office despite repeated request by him from time to time for the reason best known to them. Can CA request the following Authorities / Court…
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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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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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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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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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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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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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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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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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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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Non-cooperation by Assessee