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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Third-party evidence for making a reassessment of whether valid
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Assessee is individual and offered the income U/Sec.44AD for A.Y. 2015-16. The case of selected for limited scrutiny on the ground that large cash deposits in the Bank. Assessee has given the explanation that these are out of cash sales offered in the Gross sales considered for the computing the income U/Sec. 44AD of the Act. After due verification of evidences submitted and explanation given by the assessee, assessement order was passed 22.12.2017 U/Sec 143(3) of the Act. A notice U/Sec. 148A(b) of the Act for A.Y 2015-16 sent as per the directions of The Hon’ble Supreme court on 04.05.2022 …
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Assessee has received Notice for showing causes as to why order for reassessment should not be issued against the assessee dated 22 March 2023 The AO has passed order dated 25 March 2023 The provision read under provides time limit of 30 Days from the end of the month in which reply has been made Does the order passed becomes void-ab-initio as the month of Reply has not ended yet? or the Time limit given only provides an upper limit and not range of dates? Regards,
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Search u/sec. 132 of the Act is carried out in the month of Jan 2023 and incriminating documents are found for the FY 2010-11 to Jan 23 are found. How many years of assessment will be re opened for 6 years or 10 years proceedings the year of search 22- 23.
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this is passed with approval of PCIT, is this final and free from from any other action ?
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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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Assesseee co is developer and Builder. Search action U/sec. 132 has been conducted in the year 2022-23. During the course of search one pen drive was found with one of the employee, which contains the noting of cash transcation. On the basis of such noting and statement of few employees and one of the director, where in they have accepted the noting are in respect of cash transcations carried out by assesseee and group co. On the basis of such admission Mr. A received Notice from AO , asking the Mr.A as to why amount mentioned on the seized…
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Dear Sir, Please give your opinion on the following: By virtue of decision of SC dated 04.05.2022 in the case of Union of India vs. Ashish Aggarwal. Assessee received notice u/s 148A(b) dated 24.05.2022 relating to A.Y. 2013-14. The assessee reply in July 2022 mentioning that assessee did not do any transaction in the shares mentioned in the notice. The name of broker in the notice is also wrong. Assessee submitted affidavit also and asks to give details of payment made by the broker and to prove that particular shares were sold by the assessee. Assessing Officer did…
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Sec. 148, Reassessment , amalgamation , search