During the assessment proceeding U/s 153C whether the A.O can make enquiries relating to the issues other than issues covered by the reason recorded for issuance of notice u/s 153C of Income Tax Act. During the course of assessment proceeding U/s 153C whether the A.O should confine the finding only to the extent of the reasons recorded for issuance of a notice U/s 153C or can he go beyond the reasons recorded. Thank you
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A transporter having more than 100 Cr of Turnover purchases Diesel from Indian Oil Corporation Ltd.It makes advance payments to the Co and in return receives Petro Cards of the same amount.The no. of Petro Cards and value charged to each card is as per the requirement of the transporter. The driver of the individual truck is buying diesel from any dealer of the IOC located on his allotted route by swiping the Petro Card on the POS machine kept at the pump.The pump owner hands over a machine generated slip of the quantity of diesel filled and amount thereof.…
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Regarding the deduction available u/s 24b of Income Tax Act, Can a son who is the co-borrower of the loan taken claim the deduction u/s 24(b). Please note that he is not the owner/co-owner but complete EMI is getting deducted from his bank savings account. His mother is the only owner of the property. Please help on this issue. Thanks
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Case of the assessee was reopened on the basis of third party information. The assesse asked opportunity to cross examination. But the same was rejected by the AO stating "Since the third party is a resident of Mumbai therefore the AO st Raipur is not empowered to issue summons to the above person so as to accord an opportunity of cross examination." Is there any case law in favour of above contention of AO. If yes, kindly quote the same. Also, any case law rejecting the above facts of the AO is welcomed.
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Assessee fell in a trap in one arrangement where one person gave him cash which the assessee deposited in his bank account. And on the same day of cash deposit the funds were transferred back through NEFT to that person’s bank account. Now the ITO wants to treat cash deposit as unexplained credit. That person is now co-operating and not giving his confirmation that he had instructed assessee to do so. Assessee has given affidavit that the cash which was deposited belongs to that one and also the assessee has transferred the funds back to his account. No other document…
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whether cash received on sale of rural agricultural land attract provisions of sec. 269SS? as it is neither loan nor deposit nor any advance as mentioned in specified sum.. I think correct application would have been of Sec. 269ST, however assessee got notice u/s 269SS. Couldnt find any proper judgment on this aspect. If anyone here can throw some light, it would be great!
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The assessee has filed his return of income for A.Y.2018-19 showing total income from business both as proprietor and as partner in partnership firm like earlier year and shown the complete capital assets held in proprietorship firm and partnership alongwith immovable properties held in his name in ITR of the above assessment year. However, by mistake In ITR filed for A.Y.2017-18 by mistake the capital assets of proprietorship firm is only shown in particular of ITR instead of complete capital assets of all the firm while the income from all the sources truly and properly shown and assessed and nothing…
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The assessee is a branch office of a foreign company in India approved by RBI and ROC and already registered u/s 12AA and 80G of the Act. The assessee is applying for renewal of registration u/s 12AA and 80G of the Act. S. No. 6 of the Form 10A (form for renewal of registration) asks the taxpayer to confirm whether the trust deed contains clause that the trust is irrevocable. In case of assessee, it only have Memorandum of objectives and aims which does not contain any article on irrevocability Whether the assessee should select Yes or No in S…
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A Private limited is intending to convert into LLP , with same economic interest of share holder and partner . Will there be any capital gain tax in the hands of shareholder upon surrender of shares and getting capital in LLP.
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WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX ACT OR EXEMPT UNDER AGRICULTURE INCOME. THE ASSESSEE HAS 100 ACRE OF LAND AND UNDERTAKES AGRICULTURE ACIVITY (GROWING CROPS). THE ASSESSEE ALSO HAS COWS AND SELLS MILK. PLEASE ADVISE ON TAXABILITY OF MILK INCOME WITH SUPPORT OF ANY COURT JUDGEMENT IF ANY.
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During the assessment proceeding U/s 153C whether the A.O can make enquiries relating to the issues other than issues covered by the reason recorded for issuance of notice u/s 153C of Income Tax Act.