Search u/sec. 132 of the Act is carried out in the month of Jan 2023 and incriminating documents are found for the FY 2010-11 to Jan 23 are found. How many years of assessment will be re opened for 6 years or 10 years proceedings the year of search 22- 23.
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An Person of Indian origin, who is having US citizenship, has after working in Canada and USA for many years, has not settled in India and is residing in India for more than 15 years and his status as per Section 6 of Income tax act is Resident and Ordinary resident. He is filing regular return in India with respect to his Indian income and He is also filing return in USA with respect to his income in mutual fund, investments etc derived in USA. He has never shown his investment held in USA in ITR - Schedule FA. So…
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The appellant is an Association of Person engaged in the business as builder and developer. Search action was conducted in the case of Group of cases on in the Aug 2016. A Notice u/s 153A was issued and duly served upon the assessee requiring the asseeseee to file return of income including undisclosed income. The appellant e-filed the return of income for A.Y.2015-16 . The assessee was developing a single project and the developer claimed to be following completed contract method of accounting for the purpose of revenue recognition. During the course of hearing various details were called for and…
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this is passed with approval of PCIT, is this final and free from from any other action ?
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Assessee is a partnership firm engaged in the business of manufacturing and job work of engineering goods. Search u/s 132 of the Act was carried out in the month of January,2018. While filing return of income in response to notice u/s 153A, assessee firm discloses additional income on account of unaccounted scrap sale. This scrap sale has been worked out by estimating burning loss at the rate of 20% and the assessee firm declared income as unaccounted scrap sale. Penalty proceedings u/s 271(1)(c) are initiated for concealing the inaccurate particulars of income in the assessment order. Notice u/s 274 r.w.s…
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Background As on 01 April 2022, Company ‘B’ Private Ltd (‘Co. B’) is a wholly owned subsidiary of Company ‘A’ Ltd (‘Co. A’), which is a listed Company. On sale of shares of Co. B by Co. A, owing to application of Section 79 of the Act what will be the fate of brought forward losses amounting to INR 100. Scenarios Co. B sell its entire shareholding in Co. A to a Listed Company Co. B sell its entire shareholding in Co. A to a private limited Company which is a wholly owned subsidiary of the listed Company Co. B…
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1] c0-legal heirs offered rent income as AOP for years 2] can LTCG be later taxed in individual hands of legal heirs since buyer reuses to buy property from AOP?
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Many people having below taxable income in ay 22-23 and 21-22 have not filed returns of ITAX. what is their remedy now for getting refunds?
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Sir, The return was Originally Processed U/s 143(1). Time limit for revision has elapsed. Assessee has filed his return in wrong Form i.e. in ITR 4 instead of ITR-3 and by mistake has not disclosed his information regarding his Directorships and Shareholdings in his private limited companies, moreover some TDS credit claims were not made in the return, though the Income was properly disclosed. Rectification could not be filed. My Question is:- What remedy do the assessee has for claiming his TDS credits, which was not been claimed at all in his Original Return ? Whether the assessee can file…
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Dear All, I have one query: The assessment Unit of The Income Tax Department has passed order U/s 147 read with section 144 for the A.Y. 2018-19. While making assessment U/s 144, the credit of Tax deducted at Source (TDS) has not been given by the assessment unit. As a result, there is increase in income tax demand to the tune of TDS and thus interest U/s 234a is charged on total tax liability. How to apply for rectification of such order? Only Rectification of intimation U/s 143(1) can be applied for through Income Tax Portal. Appeal to CIT Appeals…
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Search and reopening of assessment