A partnership firm (firm) was incorporated on 20-02-2014 with four partners each contributed Rs.3375000/- and having 25% share in profit / losses. The nature of business of firm is to develop real estate and deal in sites. The firm purchased a plot of land for Rs.13200000/- on 12-05-2014. No business had commenced however some development on plot was done till 2024. There was no further sale or purchase of land. Between 2014 & 2022 two partners retired and one new partner was inducted in the firm. The retiring partners were paid only their capital contribution of Rs.3375000/-. This amount was…
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I have a charitable trust registered under 12AA Can I utilise my fund to provide food to orphanage
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Assessee is promoter and builder and offering the income from business and profession by following percentage completion method , However while filling the Return of Income for A. Y. 2023-24 has claimed the entire TDS made by the flat purchasers against the income offered. CPC U/SEc. 143(1)(a) has disallowed such claim and allowed the proportionate TDS as per the Income offered in the return and raised the demand by adding interest U/SEc. 234B of the Act 1. Whether this action of the CPC is justified under the Act and 2. any other remedy which assessee can exercise in support of…
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Assessee is an individual and has some financial transaction with the director of the company in which search action U/Sec. 132 was conducted . In the search a hard disk was found where the noting about the financial transactions were made for the F.Y 2018-19 . Some entries on the name of the assessee were also found. on the noting name of the firm in which assessee is partner is mentioned. Assessee has denied any transaction in cash with the company and also asked the documents and statement of persons on the basis of which the AO has drawn the…
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Company has opted for “Vivad Se Vishwas Scheme, 2020” and intends to pay the disputed tax under this scheme itself by 30.06.2021. However, the same could not be paid as on date. The Company had already filed the appeal to CIT(A). Company now intends to pay the taxes via said scheme in year 2024. Can company pay the said amount under the said scheme.
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In the case of an assessee Hon'ble ITAT deleted the addition before the Judgment of Hon'ble SC in the case of Checkmate Services Pvt. Ltd. maintained by Ho'ble CIT(A) on account of payment of employees contribution to PF/ESI after due dates under the respective laws but before the due date of filing ITR. The aforesaid addition in dispute was made by CPC in Intimation u/s 143(1)(a). The department has filed M.A. within time limit before the Hon'ble ITAT. Query: Q1. Since the appeal effect is less than 20 Lakhs whether the M.A. is maintainable? Q2. Since the addition in the…
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If flat is transfered through Gift Deed to non relative (ex to Registered Trust) , whether provisions of section 50C of Income tax act will be applicable to Doner? Any case law / Citesation if any available please provide
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Assessee is an individual and disclosed the jewellery of 10 kg in IDS 2016 and given the said Jewellery as Loan to Jewellers and also taken the interest in form of Gold on which TDS is also made by the jewellery firm. Whether it amounts to sale of the jewellery under Income Tax Act 1961. pl guide
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Search was condected in June ,2018.Assessment framed u/s 153 for the A.Y. 2013-14 to 2018-19 and 143(3) for the A.Y.2019-20. In first appeal CIT(A) has given some relief. Assessee filed appeal before the ITAT for the A.Y. 2019-20,2018-19 and 2017-18. The Hon'ble Tribunal declared the search as illegal and unjusified. What will be position for A.Y. 2013-14, 2014-15, 2015-16 and 2017-18. In these Assessment Years assessee has not filed appeal to the ITAT. Whether these assessments u/s 153A will be treated as quashed. Kindly clear the legal position.
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Appellant has given loan of Rs. 30,00,000/- in F.Y. 2008-09 to ABC through banking channels. Just before the debit of Rs. 30,00,000/- there is a credit in the bank A/c on account of repayment of loan received by the Appellant from his debtor which was given two years back through banking channels. Interest on the said amount and TDS thereon is reflected in Form 26AS and shown in ITR. On the basis of search in the case of ABC it was concluded by the Investigation wing that the loan of Rs. 30,00,000/- is accomodation entry. Notice u/s 148 was issued…
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APPLICABILITY OF SECTION 9B , 45(4) AND 48 (iii)