I am the legal heir for my dad and dealing with an IT notice for AY 2012-13. I opted for VSV scheme and paid the full amount of tax on NOVEMBER 06,2020. I   am yet to receive form  5 from the authorities. But I have so far I have been served three notices of faceless assessments as well as summons for First appeal proceedings Also the case was supposed to be time barred on 30th september 2021. now suddenly. the date has shifted to 31st march 2022.  I have not received any  communication (sms/mail/notification  on my account) for the same. Whom should I approach for all this? Varsha Ranade

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A practical issue has arisen, though it is not of Technical Nature, but of an Administrative Nature, causing the concerned CA many practical difficulties, especially considerable space of his Office being occupied by the bulky Records of the Assessee. A Partnership Firm has presently pending litigation under the Income Tax Act, 1961 related to around AY 2005-06. Its Partners have refused to take back all Records of that Firm related to that AY from CA’s Office despite repeated request by him from time to time for the reason best known to them. Can CA request the following Authorities / Court to direct the Firm to collect all Records from his Office? Jurisdictional AO / PCIT of the Firm. CBDT. Civil Court. Any other Authority. Any other option?

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Assessee is a partnership firm having 17 partners engaged in the business of development of  property . The said firm has one land which is hold as current assets having book value very less.  In this firm two partners were admitted in the firm in the month of  May. 2020, who are willing to invest the capital require for development of the said land and the project on the said land.  Due to some reason the original 17 partners have decided to retire from the firm in the month of Dec. 2020. Before the retirement the partners have made revaluation of land and credited the capital account of partners as per profit and loss sharing ratio and debiting the same to land in the books of accounts. Continuing partner have brought the necessary capital and the amount standing to the capital account of retiring partners including the revaluation amount has been paid to all the retiring partners, accordingly retirement deed has been executed on 29.12.2020. In the Finance Act 2021 the provisions of Sec. 9B and 45(4) have been introduced which are applicable for A.Y. 21-22. what is impact on the retirement deed which was executed on 29.12.2020, much prior to the amendment . Is there any way , where assessee can fight on the ground that the provisions are not applicable to such transactions when the provisions were not in the statute. please guide

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In case of assessee, ITAT has set aside the assessment order to the AO with directions to re-asses the income. Assessing officer has passed the order as per the direction of the Hon’ble ITAT. Whether after decision of Tribunal, Assessing Officer is duty bound to charge interest under section 234B up to date of original order of assessment passed by him and not up to date of reassessment order passed by him in pursuance of order of Tribunal. Kindly guide.

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whether notice under section 144 (Best Judgment Assessement) be issued for non response to notice under section 148 of IT Act.

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A public limited company has deducted tax at source on Dividend @15% for non submission of PAN. I have a PAN but it was omitted to be submitted to the Company. Is it possible to set off the TDS at the time of filing my Income tax Return? Do I Have to include the Dividend amount in my Return.

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ASSESSMENT PROCEEDINGS FOR AY 2018-19 CONDCUTED AND ASSESSMENT ORDER PASSED WITH NIL ADDITION, ACCEPTING THE RETURNED INCOME. BY NFAC DELHI. WITH RESPECT TO ASSESSMENT PROCEEDINGS UNDERTAKEN BY NFAC DELHI, NO COMPUTATION SHEET OR DEMAND NOTICE IS ISSUED. ONLY ASSESSMENT ORDER IS RECEIVED. LATER ON, CPC BANGALORE HAS RAISED DEMAND ON PORTAL AGAINST THE SAID AY ON ACCOUNT OF NON-GRANTING TDS CREDIT. WHAT ACTION SHOULD BE TAKEN? IT APPEAL IS REQUIRED TO BE FILED, THEN AGAINST WHICH ORDER, APPEAL SHOULD BE FILED?

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Dear Expert, A private company filed its tax return for FY 2019-20 and availed the benefit of lower tax rate as prescribed under section 115BAA However, filing of form 10-IC as prescribed under sub section 5 of section 115BAA was done much later due to inadvertence. Return was filed within statutory due date but form 10IC was filed in Feb 2021  (about 2m delay). Sub section (5) states Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2020 and such option once exercised shall apply to subsequent assessment years Form 10IC could not be filed at the point of filing tax return as there was some error in the portal. But there is no proof of error available for record. In this scenario, can we take a position that filing of the Form is just a technical formality? Also note that Covid-19 related disruptions were prevailing at this time. Do we strictly interpret the section or whether we can conclude that even though the form is filed with a little delay tax payer could assert his choice to apply lower rate of tax u/s 115BAA?  Thank you for shedding light on this issue.

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Assessee has individual who has purchase flat from Builder. There was search at the premises of Builder from whom assessee has purchased flat. During the course of search one statement in excel format in which name of flat holders, flat no, agreement value and on money , area etc mention. Builder has accepted that his additional income earned by him and paid the taxes. On the basis of this incriminating material and statement of Builder Assessing Officer has recorded a satisfaction note that on money amount is income to be taxable in the hands of assessee and sent the satisfaction note and incriminating material to the Jurisdictional AO, who has issued notice u/sec. 153C for 6 years. Assessee has filed the Return in response to said Notice. And asked the AO to provide satisfaction note and incriminating material,  which has been provided by the AO. On verification of the incriminating material and satisfaction note it is found that: a. In satisfaction note flat number and amount mention is different than the flat purchase by the assessee. b. Statement relied up on as incriminating does not give the date on which amount of on money is paid? Issues : a. Whether notice issued u/sec.153C for 6 years is correct b. Whether assesse can challenge the notice issued U/153C is not valid as the number of flat , agreement value , area of flat etc are not the same which assessee has purchased. c. Statement in excel format found does not have any date or signature of the assessee. d. Whether the assessee can take the objection when no incriminating material is found no addition can be made. Kindly guide

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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 CONDONED. Q2. CAN ASSESSEE OPT FOR WAIVER OF PENALTY U/S 273A.

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