Answers On Topic: Reassessment
Assessment for A.Y 2012-13 was reopened by issuing notice U/S 148 on the allegation that the assessee has received Bogus commodity profit through banking channel and passed on cash as per statement of broker. The assessee had shown the profit on commodity and offered the same for taxation in the original return and also in the return filed in response to 148 notice. No deduction from the aforesaid income was claimed. Apart from various legal grounds of appeal one of the ground is , since the income has already been offered to taxation the addition of the same again on…
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Sir, The assessment completed u/s 143(3) with agreed additions was re opened u/s 147 , while filing return in response to notice u/s 148, whether agreed additions made to returned income , to be included in taxable income ? If so, whether revised financial statements incorporating the addition is to be filed? please advice.
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Notice u/s 148 for ay 15-16 received 0n 25/03/2021. Who will be approving authority u/s 151 i.e. JCIT or CIT, considering the extension granted time to time due to Covid Pandemics.
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A query was answered by Adv.Advocate Aditya Ajgonkar The Ld. advocate stated that the last date for issue notice u/s 148 was extended to 30.06.2021 but section 148A is also effective from 01.04.2021. My query is that section 148 has been extended as if Finance Act 2021 was not passed hence extended upto 31.03.2022. Similarly, application of section 148A is also deferred till 31.03.2020. Can you pl confirm & provide notification Nos>
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Asst u/s 143(3) was framed by income tax officer ( ITO) for the Asst year 2013-14. Now notice u/s 148 is issued by Deputy commissioner of income tax (DCIT) . Is it valid notice.
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Where does it says that property should be registered property for eligibility of claiming LTCG and how there be discriminations for assessee who are reqularly investing property buying and selling in a cyclic manner where department not even question or verifying whther property bought or sold are registered property under registration act Where as when assesse sold the apartment and deposited LTC in into bank LTCG deposit scheme and while requesting for NOC in form G the lowest level officer ACIT DCIT without applying any mind reopening cases interrupting the various sections and then issuing notices after notices clueless misusing…
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Client have 44AD income for A.Y. 14-15. Turnover declarared Rs. 35 Lakh in return. REason to believe stated as " Bank has given information that total Credit sum in Bank account is 56 Lakh and turnover declared is 35 lakh, difference remains to be unexplained ". Question : 1. Whether above reason to believe is correct as given by AO. As the same is just took from AIR and given to us. and also same details was already available 6 years back, why not 143(2) was issued at that moment of time...so it is change of opinion just. kindly…
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Date for issuing notice u/s 148 for AY 2013-14 is extended upto 30-6-2021. At the same time new section 148A is also operative w e f 1-4-2021. whether notice issued on 1-4-21 is liable to procedures u/s 148 or 148A?
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DEAR SIR ASSESSEE HAD FILED ITR FOR AY 2013-2014 ON TIME. 143(1)(a) ORDER IS PASSED. ASSESSEE EXPIRED DURING AY 2019-20 (INTIMATION NOT GIVEN TO DEPARTMENT) LATE ASSESSEE HAS ONLY DAUGHTER IS LEFT AS LEGAL HEIR AND DAUGHTER IN-LAW, AS DURING COVIDE HER SON ALSO EXPIRED. DEPARTMENT HAS ISSUED 148 NOTICE DATED 24.04.2021 FOR REOPENING OF AY 2013-2014 CASE IN THE NAME OF THE DECEASED ASSESSEE. FINANCE ACT HAS AMENDED SEC.148/148A QUERY. IS THIS REOPENING NOTICE VALID AS IT IS BEYOND 6 YEARS. IF NOT HOW TO COMPLY THE NOTICE AS IT IS FACELESS.? CAN THE DAUGHTER IN LAW FURNISH THE…
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Re-assessment Proceedings/ Double Taxation. Applicability of section 153C