1. What will happen to cases below Rs 50 lacs beyond 3 years ? 2. What will happen to cases where approvals were granted but notices u/s 148A were neven issued ? 3. What will happen to cases which are now time barred ?
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An Assessee invested Rs.25 Lacs in Penny Stock in Oct 2015 & sold the same for Rs 65 Lakhs in Jan 2016. He showed STCG of Rs 40 Lacs in his ROI in A.Y 2016 -17 paid 15 % tax on STCG alongwith other income. Case was reopened, the AO made the addition Rs. 65 Lacs u/s 68 which he received from sale of shares. My question is whether the escaped income will be treated Rs.25 Lacs as assessee has already disclosed Rs.40 Lacs under STCG or Rs.65 Lacs as assessed by the AO. If it is Rs.25 Lacs then…
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Dear Sir, After Supreme Court judgment of Union of India vs. Ashish Aggarwal 439 ITR 1, assessee received notice u/s 148A(b), assessee filed reply and received order u/s 148A(d) alongwith notice u/s 148 for A.Y. 2013-14 on 22.07.2022. In the notice received u/s 148, four reasons were mentioned but none of them is ticked. As the notice does not specify the cause / reason in the notice, whether notice is valid or not. Copy of the notice is attached. Please clarify. Thanking You, Yours Sincerely, CA S.K. Goyal A.R.
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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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148A after Judgement of Telengana HC