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The Assessee paid 3.69 lakhs as cash to builder for acquiring flat. Since he was a salaried employee no balance sheet was prepared while filing return of income. The assessee submitted that the cash was paid out of drawings from the bank and provided bank statement showing the cash withdrawals. However the A O made addition as per provision of section 69 stating it is a clear cut case of unexplained investment. Now the assessee is in appeal against the order.Any guidance or case laws for deletion of the addition.
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Does the failure of the CIT(A) to consider binding jurisdictional High Court decisions constitute a mistake apparent from the record, eligible for rectification under Section 154 of the Income Tax Act?
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Whether liability of the private limited company can be recovered from the Directors of the said company?
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Whether adjustment of demand raised in earlier years against the refund of the current year can be made by the Assessing Officer without giving any notice u/s 245 of the Act?
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What is the effect of fresh assessment order passed by the Assessing Officer in pursuance to order passed by Tribunal, which is barred by limitation?
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The Assessee is Partner in the Partnership Firm. It earns Share of Profit, Remuneration & Interest on the Fixed Capital as well as Current Account from the Firm. The Assessee had taken Loan and invested the same as Fixed Capital as well as Current Account of the firm.
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a) Whether deduction u/s 54/54F is available to the assessee if the investment is made in the residential house in the name of son, out of capital gain/net consideration arose on acquisition of his inherited farmland (agriculture) by the Government? b) Whether son has to face any taxation on account of purchase of flat or any other tax consequences?
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In continuation to what has been discussed in question number three above what would be the accounting entries in books of account of the firm on recording the same. Will the firm would liable to pay tax again when the stock in trade is actually sold or can the firm rate increase the value of its stock in trade, to the extent, the excess amount paid to the outgoing partner.?
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In case of reconstitution of partnership firm, outgoing partner receives payment in cash in excess of the amount of capital in his name in the books of accounts of the firm, the same would be taxable under section 45(4) of Income Tax Act, 1961 as capital gains. This capital gains would be long-term or short-term where the firm has no capital assets? As Rule 8AA provides only with relation to capital asset. Whereas the excess amount received because of huge stock in trade in books of accounts.?
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In case a school, having turnover less than 5CR decided not to obtain renewal of 12AA/10(23C) then would he be liable for tax as per section 115TD as exit tax.?
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Cash paid to builder for acquiring residential flat