Assessee is private limited co filed the Return of Income filed the Return of Income For 20-21 where in Education cess has been claimed as expenditure on the basis of decision of hon'ble BHC. Assessee co has received SCN as to why proposed variation should not be made on 8.08.2022. on following grounds 1.Education Cess is not an allowable expenditure/deduction u/s 40(a)(ii) of the Income Tax Act, 1961. 2) It has retrospective effect from 01.04.2005 i.e. A.Y. 2005-06. 3) Penalty u/s 270A is imposable on such claim for under reporting of income. 4.Hence, you are requested to show sufficient cause…
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What are the consequences of 271(1)C ? also how to prove and how to solve 271 1c ?
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Assessee is an individual and has income from partnership firm, interest on fixed deposits. The assessee has filed the return of income for A.Y 2015-16 wherein the income on account of LTCG on sale of agricultural land and interest on savings bank account was remained to be disclosed in the return of income. Therefore assessee submitted a letter before the AO that he was under a bonfide belief that the land being agricultural land situated outside 8 kms from the local authorities, therefore has not offered the income form sale of said land in the return of income. After coming…
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Assessee is partnership engaged in the business of real estate developers. Survey U/sec. 133A has been conducted , where a incriminating statement giving particulars of sale of flats , name of person , agreement value and cash accepted was recorded. Partner who was not looking after accounts had accepted the amount stated in coloum cash is extra consideration received. The amount for each unit is more than 2 lakhs. At the time of assessment the said partner had retracted from the statement. However AO made this cash as undisclosed income. Assessee later on received Notice u/Sec.269SS on the ground that…
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For the year ended 31.03.2021 there was a mismatch in 26AS because of the slow website the return was filed without reconciling and resulted in lower income filed by Rs. 15 lakhs. How to rectify the same. Assesse is ready to pay taxes with interest but not penalty.
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Dear sir, Penalty notice u/s 271B received on 11.11.2019, what is the time limit for completion of penalty proceeding.
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1.Penalty of Rs.5,00,000 u/s 271(1)(c) was deleted by CIT appeal on the ground that penalty order passed by A.O. was passed after six months u/s 275(1)(a) . 2.The revenue is in appeal before ITAT on the ground that i) The penalty order was received late by CIT ii) The case is covered under exception to small tax effect circular of CBDT para 10(a) iii) Appeal admitted by the High court in quantum case is not relevant since withdrawal application has been filed by the assessee as per Vivad se Vishwas scheme. 3. On behalf of the assessee it was submitted…
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Can AO invoke provision of section 270A just because tax at higher rate is applied by him u/s 115BBE and no addition to income is made on income declared is offered at normal rate ?
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PLEASE EXPLAIN UNDER WHICH SITUATIONS, SEC 270AA AND 273A CAN BE TAKEN AS A STAND. Q - ASSESSMENT ORDER PASSED WHEREIN CERTAIN ADDITIONS WERE MADE. EVEN AFTER ADDITION MADE - THERE WAS NO TAX PAYABLE (REFUND AMOUNT GOT REDUCED). THEREAFTER PENALTY PROCEEDINGS UNDERTAKEN U/S 270A AND PENALTY FOR UNDER-REPORTING AND MIS-REPORTING LEVIED. AGAINST THE SAID PENALTY ORDER, APPEAL HAS BEEN FILED AND STILL PENDING. Q1 - CAN WE RESORT TO SEC 270AA - AS THERE WAS NO TAX PAYABLE. THE PERIOD OF 30 DAYS TO FILE APPLICATION UNDER THE SECTION HAS ALREADY EXPIRED. ANY CASE LAW WHERE SUCH DELAY IS…
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Sir, Are the penalty proceedings u/s 270A mandatory in nature? In every case where there is an addition made during assessment proceedings, will it result in initiation of penalty either by way of under reporting or mis reporting? Is the legal precedence established by the Hon'ble SC in various cases like that of Reliance Petro Products, Ashok Pai etc., no longer applicable?
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Show cause notice for claim of Education Cess as expenditure for A.Y. 2020-21