Sir, Whether AO can make addition in the case of purchaser of property of the diffrence of actual purchase as per document and DLC rate fixed by the registrar for stamp duty purpose. In my case actual purchase rate is lower to the DLC rate. whether declaration of deemed income is necessary. Presently, transactions are made below the DLC rate. Kindly clear whether DLC rate is only considered for capital gain purpose and it is not applicable to purchaser of the property.
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Whether ITAT can see the satisfaction note drawn before search . S. 132 , 254 ( 1)
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Assessment for A.Y 2012-13 was reopened by issuing notice U/S 148 on the allegation that the assessee has received Bogus commodity profit through banking channel and passed on cash as per statement of broker. The assessee had shown the profit on commodity and offered the same for taxation in the original return and also in the return filed in response to 148 notice. No deduction from the aforesaid income was claimed. Apart from various legal grounds of appeal one of the ground is , since the income has already been offered to taxation the addition of the same again on…
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In spite of our best possible efforts to file 1st appeal of Income Tax in faceless Regime we are not able to upload Form 35 alongwith neccessary documents due to technical glitches on Income Tax Portal . Please suggest the remedy available.
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Ld AO passed ex parte assessment order without considering the part reply filed by assessee by rejecting books of accounts alleging that assesee has not produced books of accounts by applying 8% rate on sale even the case was not time barred.
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Appeal by I.T.A.T was dismissed due to 'Non-Prosecution' on 13/07/2015 since no adjournment application was filed nor anyone on behalf of appellant appeared on 13/07/2015. The Appellant is basically agriculturist . The advocate engaged for appeal before I.T.A.T had expired. Appellant came to know about Tribunal order recently. If M.A. is filed with Affidavit explaining the above facts and application for condonation of delay, what is the possibilities of accepting the same, keeping in mind the delay of 7 years and particularly provision of Section 254(2) . Kindly give case laws.
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Sir, The assessment completed u/s 143(3) with agreed additions was re opened u/s 147 , while filing return in response to notice u/s 148, whether agreed additions made to returned income , to be included in taxable income ? If so, whether revised financial statements incorporating the addition is to be filed? please advice.
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Property consisting of a plot of land and building constructed afterwards on that , purchased from the funds of Father and elder son in the name of mother(fathers wife ,ie not ancestral property) 40 years back. A registered will was executed 20 year back jointly by father and mother distributing the property in the name of three sons (including one step son and excluding daughters)Now mother died recently. and father is still alive. Now the question is 1) Who are the real owners ie father son duo or mother. 2) Benami transaction act was not in force, hence property will…
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sir, just before the sale of the land used for the agricultural activity has been converted as non-agricultural land and the proceeds have been received by one single person on behalf of the number of members in the family which he again returned to the members of the family to facilitate the easy transaction. Whether this can be treated as agricultural income in the hands of individual members? or it has to be treated as capital gains, if so long or short. In case if the investment is made to claim the exemption, can it be allowed? The members became…
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A piece of residential plot is in Wife's name , who has no source of income since she is a Home maker. So wife is the owner of the plot. House Building Loan taken by Husband, who is a salaried person, with wife's residential plot as a collateral security and constructed house on the wife's residential plot. Monthly House Building Loan EMI ( Principal and Interest) amount paying by the Husband out of his salary amount. The lender Banker has granted House Building Loan in the name of Wife and Husband (jointly ). The query is: Can the husband claim…
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DLC or circle rate of immovable property fixed by stamp duty/ Registrar office