Search is conducted in the month of March 2023 on Assessee XYZ, where in a diary is found which is cash book for from F.Y. 2011-12 to 2022-23. in the said diary noting about receipt and payment is shown in the name of ABC. On the basis of these noting, Notice U/Sec. 148 is issued in view of provisions of Clause (iv) of Explanation -2 of Sec. 148 for A. Y . 14-15, 16-17 and 2019-20 alleging escarpment of income more than Rs. 50 lakhs each year. ABC has no connection of what so ever nature with XYZ. How ABC…
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The notice us 148 of I.T Act , aswellas , notice u/s 148A(b) of Income tax Act has been issued on 08.04.22 for the first time as the assessee has deposited more than 50 Lakhs in financial year 2014-15 .My Querry is that whether the notice issued is barred by limitation or well with in the time?
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For our assessee notice u/s 148A issued, they came to us after time period for reply is over, officer passed order u/s 148A(d), and assessee not filed original return. what is the next procedure, please let us know. With Regards,
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Dear Sir, If search is conducted in October 2022, can notice u/s 148 for A.Y. 2013-14 and 2014-15 can be issued as incriminating material for A.Y. 2013-14 and 2014-15 has been seized. Please clarify. Thanking You,
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Can AO issue notice u/s 153C after he realised that notice u/s 153A was invalid due to lack of search warrant on Assessee ?
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We have filed a return u.s 148 in response to notice u.s 148, then what is the status of earlier return filed us 139?
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Notice for AY 2010-11 dated 31.03.2017 was sent electronically at 01:02:38 hrs on 01/04/2017 and the one sent by post for which there's no evidence/proof is brought on record as claimed to have been posted on 31/03/2017 was never delivered to the assessee and got returned with a remark "LEFT". Sec. 148 has used the word "to serve" while sec. 149 has used the terminology of "to issue". Whether issue and serve have different connotations as far as income tax law is concerned even though the judgement of the Supreme Court in DDA vs. H C Khurana speaks otherwise. Similarly…
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Assessment of the assessee for A.Y.2017-18 was re-opened u/s 147 of the Act. Notice u/s 148 of the Act was issued on 31.03.2021 for the said A.Y, no compliance were made to the said notice. AO completed to assessment u/sec 147 r.w.s.144 r.w.s 144B by making an addition of the entire cash payment for purchase of immovable property and treating the same as unexplained investments u/s 69 of the Act . The assessee preferred an appeal before CIT(A) against the order passed u/sec 147 r.w.s.144 r.w.s 144B. The assessee again received notice u/sec 148 for A.Y.2017-18 and order u/s 148A…
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Dear Team, My building went in re-development in 2013 and the flat was given back to us in 2016 within 3 years. I received a letter from income tax under sec 148 that i need to pay tax on the construction cost which is around 35 lacs as per the stamp duty document. How would this be taxed as there is no real transaction ,it is just that i got my redeveloped flat back from the builder. Please guide on what should i reply to the department. Regards.
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In the present case for AY 2016-17, notice u/s 148 dt. 31/3/21 received through email on 1/4/21. Reassessment order dt. 31/3/22 passed appeal filed before CIT (A) on 9/4/22. Again notice u/s 148A(b) issued on 2/6/22 (stated as issued, as per the direction of SC decision in the case of Ashish Agarwal) along with the information and material (12 pages missing/3 pages not legible) relied upon for such reopening. The above information is received by the AO from the INSIGHT PORTAL, as flagged by the system as HIGH RISK CRIU/VRU. Now the AO has issued order u/s 148A(d) & notice…
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Search and Sec, 148