Assesse has been carrying on the business of lending money on interest, he has offered the income of interest u/s Section 44AD at 88% against the statutory requirement of 6%. 12% of the income have been incurred on expenses such as Bank charges, Depreciation, insurance of Car and its running expenses, salary of accountant/manager and Telephone Expenses. The case have been reopened for the A.Y. 2020-21 u/s 148 of the I.T Act, 1961 on the ground that income should have been offered under the head of Income from Other sources. Query: Whether the action of the A.O is justified? Any…
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whether exemption under section 10(23C)(iiiad) can claim against notice of section 148 for AY 2016-2017
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Appellant has given loan of Rs. 30,00,000/- in F.Y. 2008-09 to ABC through banking channels. Just before the debit of Rs. 30,00,000/- there is a credit in the bank A/c on account of repayment of loan received by the Appellant from his debtor which was given two years back through banking channels. Interest on the said amount and TDS thereon is reflected in Form 26AS and shown in ITR. On the basis of search in the case of ABC it was concluded by the Investigation wing that the loan of Rs. 30,00,000/- is accomodation entry. Notice u/s 148 was issued…
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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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Property Purchased in the name of wife but all payment are made by Husband and housing Loan is also in the name of Husband, Now case is open u/s 148. What should be the course of action for proof of source of payment for wife ?
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Amendment of 149 in finance act 2022 As per finance act 2022, the income escaping assessment should be represented in the form of--- an asset, an entry or entries or expenditure in a single transaction or transactions and expenditure.... For AY-2018-2019, the limit of 3 year get expired on 31 march 2022....now the amendment of finance bill 2022 be effective from april 1, 2022. so non asset based representation will also expire on 31 march 2022 for ay 2018-2019, if income escaping assessment is-more-than-50-lakh...is it right...............................................my questions is the following.... Questions : Can Income escaping assessment more than 50 lakh amended…
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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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As per the amendment brought in by the Finance Act 2023 with effect from 1.4.2023 in Section 148 of the Income tax Act, notice for reassessment is required to be issued by the AO requiring the assessee to furnish within "a period of three months from the end of the month in which such notice is issued or such further period as may be allowed by the Assessing Officer on the basis of an application made in this regard by the assessee". This means that the assessee is to be given not less than 3 months' time to file return in…
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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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A Search and Seizure action was carried out on the residence of Mr. X and his Group Company premises. In pursuance of the said search, the Dept has issued notices u/s 148 for A.Y. 2013-14 onwards to various entities. In light of the same, Certain Notices are issued in the name of Y and Co Private Limited' which had merged with Z and Co Limited; Writ Petitions against the same are filed in light of Maruti Sukuzi (SC) and Alok Knit Exports Pvt Ltd (Bom HC). M/s. T Private Limited is also been issued with a similar notice which is…
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Interest on advances and applicability of Sec 44AD.