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| Penalty Proceeding u/s270A after assessment u/s 143(3). | |
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| Excerpt of query: | Assessee is a Company. Initially Income returned furnishing LTCG- (3,01,10,469) Later on return revised and LTCG furnished- (3,09,91,066) Scrutiny assessment made and Income Computed-8,80,600 i,e difference amount of above 2 figures. Details of Scrutiny assessment: Assessees Submission- Sale of Property Rs. 7,07,72,924 Cost Price Rs. 3,40,56,800 Cost of Improvement Rs. 6,77,07,191 Indexed cost of Acq & Imprv. Rs. 10,17,63,991 Long Term Capital Loss Rs. 3,09,91,067 AO Reply – Cost of Improvements were disallowed citing non submission of proof of expenditure although proof submitted(except few). Total Tax claimed in scrutiny assessment was Rs. 1,83,165 which was covered by TDS claim of Assessee thereby arriving at a refund of Rs. 70,175. There was no mention of Penalty proceedings u/s 270A in the Scrutiny assessment On a latter date penalty proceeding initiated citing under reporting of income of Rs. 3,09,91,067 (Which is the Long Term Capital Loss itself) and huge penalty imposed through demand u/s 156. Latest Situation of the Case: Appeal Filed. What would be the future course of action and what are the supporting case laws that could be submitted in appeal Please Help. |
| Purchase of agriculture land transaction | |
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| Excerpt of query: | Sir, One of the female non business itr returns non filed person purchase of agriculture land value rs:25 lacs f.y.25-26 Question; Assessess ITR returns filed compulsory and purchase of assets any limit above it returns compulsory in it act |
| CGT on sale of redeveloped Flat | |
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| Excerpt of query: | I pitched a flat in a society in 2006 for 50 lacs. In May 2023 , development agreement was signed with developer declaring total society consideration as 9 crores for 10 members. The redeveloper gave possession of flat in Nov 2025 with 30% extra area. I purchased a flat I Under construction in june 2025 which I will get possession in oct 2027. I want to sale the preset flat now. What are CGT implications for me. |
| Company returns filing | |
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| Excerpt of query: | A company which was closed due to pandemic missed filing it’s returns. Now the company wishes to revive and start to function. How to file the pending ITR and ROC filing. Is there any way to avoid penalty. There were zero transactions in the company bank account since last three years. |
| How long do High Court cases take to resolve? | |
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| Excerpt of query: | How long do High Court cases take to resolve? |
| Income tax doubt for notice | |
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| Excerpt of query: | sir, An individual taxpayer has been regularly filing ITR every year, and tax audit reports have also been filed. Recently, the assessee received a notice from the Income Tax Department under Section 131(1A) asking for submission of books of accounts and documents for the past four years. Now assessee want to know: What is the purpose of issuing a notice under Section 131(1A)? Is this notice related to scrutiny assessment, survey, or some other proceeding? What is the procedure after such a notice is issued and received by the assessee? |
| Gst 129 penalty | |
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| Excerpt of query: | Please inform me supporting judgment |
| Disallowance under section 43B in case of net method | |
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| Excerpt of query: | If accounts are maintained on net basis (excluding GST ) and if any gst is outstanding on year end , can there be any disallowance under section 43B considering the provision of ICDS II, Section 145A. Can a view be taken that since such expenses are not claimed , there can be no disallowance. Can department take a view that GST is part of trading receipt and accordingly outstanding GST is to be disallowed. |
| Query on Parallel proceedings under Sec 147 and 270A | |
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| Excerpt of query: | There are two parallel proceedings pending against the assessee for Assessment Year 2018–19: Reassessment proceedings under Section 147, and Penalty proceedings for under-reported income under Section 270A. The assessee has already filed an appeal before the Hon’ble CIT(A) against the reassessment order. However, due to serious health issues, the assessee could not file an appeal against the penalty order issued under Section 270A. I seek guidance from the members on the following points: If the alleged under-reported income is deleted by the Hon’ble CIT(A) in the quantum appeal, will the penalty imposed under Section 270A automatically stand deleted to the extent of the income deleted in appeal? The penalty order was passed after the quantum appeal was filed, but the assessee could not request for keeping the penalty proceedings in abeyance. Will this have any adverse implication? The appeal against the reassessment order is currently at the hearing stage under Section 250. Should the written submission in the quantum appeal also include a reference to the penalty imposed under Section 270A? |
| Filing of 264 petition u/s 264 | |
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| Excerpt of query: | How to file 264 petition u/s 264 through online? There is no drop down menu for this under ‘e file’? |