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Some of the queries asked by people are given below.

Payment of arrears under DTVSV
Excerpt of query:	We received Form 3 in December 2020 and subsequently, we were unable to log in as the ID was deactivated by the Department post the update of Income-tax portal to the new one. Communication of the same was made through email but got no response and until first week of November. Got a call from the department for clearing the amount of tax as under DTVSV so we paid the amount through challan and even today we have no response to it. Even the ID is not reactivated till today, what are we supposed to do? File a writ? read more

Payment of arrears under DTVSV

Excerpt of query:

We received Form 3 in December 2020 and subsequently, we were unable to log in as the ID was deactivated by the Department post the update of Income-tax portal to the new one. Communication of the same was made through email but got no response and until first week of November. Got a call from the department for clearing the amount of tax as under DTVSV so we paid the amount through challan and even today we have no response to it. Even the ID is not reactivated till today, what are we supposed to do? File a writ?

Cross objection
Excerpt of query:	Can an assessee raise the question of Law which was not raised before the lower Authorities , for the first time before the Tribunal , in an appeal filed by the revenue .? read more

Cross objection

Excerpt of query:

Can an assessee raise the question of Law which was not raised before the lower Authorities , for the first time before the Tribunal , in an appeal filed by the revenue .?

Section 50C applicablity
Excerpt of query:	Sir, we had a property used as business asset, we have claimed depreciation on the assest for 8years, after which the business was not carried out and hence Depreciation was not claimed for about 9years. Now if we sell the Property, would that be considered as Short Term Capital Gain or Long Term Capital Gain? Would the sale of assest attract 50C or we can claim it as long term Capital Gain. Please suggest. read more

Section 50C applicablity

Excerpt of query:

Sir, we had a property used as business asset, we have claimed depreciation on the assest for 8years, after which the business was not carried out and hence Depreciation was not claimed for about 9years. Now if we sell the Property, would that be considered as Short Term Capital Gain or Long Term Capital Gain? Would the sale of assest attract 50C or we can claim it as long term Capital Gain. Please suggest.

Sec 24 b
Excerpt of query:	If property is in name of my wife who is sole owner, and loan is in my name ,the sole borrower. How could I take advantage of deduction under sec 24 b?? read more

Sec 24 b

Excerpt of query:

If property is in name of my wife who is sole owner, and loan is in my name ,the sole borrower. How could I take advantage of deduction under sec 24 b??

40A(2) disallowence when both taxed at MMR
Excerpt of query:	Can there be any addition under section 40A(2) due to low GP of buyer (sister concern ) on account of enhanced /higer per unit purchase from seller( sister concern) ? Can it be argued that when both Firms ( seller and buyer) are paying maximum marginal rate of tax and there is no evasion of tax the addition cannot be made?. Please give any judicial ruling on this. read more

40A(2) disallowence when both taxed at MMR

Excerpt of query:

Can there be any addition under section 40A(2) due to low GP of buyer (sister concern ) on account of enhanced /higer per unit purchase from seller( sister concern) ? Can it be argued that when both Firms ( seller and buyer) are paying maximum marginal rate of tax and there is no evasion of tax the addition cannot be made?. Please give any judicial ruling on this.

Assessment on company converted into company
Excerpt of query:	Private Limited company applied to ROC for conversion in to LLP and filed board resolution and form No.LLP 1 for name availability and in FEB-2015. The Company has also filed provisional balance sheet as on 31.03.2015 along with Board resolution. to ROC for conversion into LLP. However, Certificate of conversion into LLP received on 05.06.2015 and name of the Private limited was truck off from ROC All the transaction of Private limited company effective from 01.04.2015 was incorporated in LLP books and offered for tax. Assessment of LLP was done U/s.143(3) for AY 2016-2017 where the said fact was disclosed to Assessing officer. Assessment of Private Limited was also done for AY2015-2016 where the above fact was disclosed to AO. Notice U/s.148 for AY2016-2017 received in the name of the company. The fact of Non Existence of company was intimated to AO and requested for drop the 148 proceedings. Now Notice U/s.142(1) for AY 2016-2017 was received from Faceless assessment in the name of private limited company for furnishing of details. What should be the course of action in this situation. Pls suggest Pls share your valuable opinion. Thanks and Regards read more

Assessment on company converted into company

Excerpt of query:

Private Limited company applied to ROC for conversion in to LLP and filed board resolution and form No.LLP 1 for name availability and in FEB-2015. The Company has also filed provisional balance sheet as on 31.03.2015 along with Board resolution. to ROC for conversion into LLP. However, Certificate of conversion into LLP received on 05.06.2015 and name of the Private limited was truck off from ROC All the transaction of Private limited company effective from 01.04.2015 was incorporated in LLP books and offered for tax. Assessment of LLP was done U/s.143(3) for AY 2016-2017 where the said fact was disclosed to Assessing officer. Assessment of Private Limited was also done for AY2015-2016 where the above fact was disclosed to AO. Notice U/s.148 for AY2016-2017 received in the name of the company. The fact of Non Existence of company was intimated to AO and requested for drop the 148 proceedings. Now Notice U/s.142(1) for AY 2016-2017 was received from Faceless assessment in the name of private limited company for furnishing of details. What should be the course of action in this situation. Pls suggest Pls share your valuable opinion. Thanks and Regards

CAPITAL GAIN
Excerpt of query:	Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Acquired by Grandfather in the year Prior to 1961 Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed over to Legal Heirs on 26.05.2021 New flat sold on 12.08.2021 Sales Consideration 65 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering in the hands of Legal Heirs considering Transfer U/s.2(47)(v) section 45 of IT Act and Section 53A of TOPA and Section 45(5A) effective from AY 2018-2019 Any benefit of Indexation and also exemption u/s.54 available new flat available on surrender of tenancy rights. Pls share your valuable opinion. Thanks and Regards read more

CAPITAL GAIN

Excerpt of query:

Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Acquired by Grandfather in the year Prior to 1961 Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed over to Legal Heirs on 26.05.2021 New flat sold on 12.08.2021 Sales Consideration 65 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering in the hands of Legal Heirs considering Transfer U/s.2(47)(v) section 45 of IT Act and Section 53A of TOPA and Section 45(5A) effective from AY 2018-2019 Any benefit of Indexation and also exemption u/s.54 available new flat available on surrender of tenancy rights. Pls share your valuable opinion. Thanks and Regards

ITR by deceased tax payer
Excerpt of query:	Lot of assessees have died in recent Covid attack before they could have filed their ITR and TAR for asst year 2021-22. Their DSC had expired validity as the last date of ITR was extended several times. The only alternative left is that legal heir (son or wife) file the said ITR/TAR as per procedure given. WE applied in a case but after few days the application was rejected without communicating the reasons. In last dates for TAR, the tax audit report was filed by CA but could not be confirmed by assessee or legal heir. An application to CBDT was moved u/s 119 explaining the position and requesting permission either to file TAR/ITR in paper format or for approval to legal heir. No reply is received. What can be done to file these and avoid penalties. read more

ITR by deceased tax payer

Excerpt of query:

Lot of assessees have died in recent Covid attack before they could have filed their ITR and TAR for asst year 2021-22. Their DSC had expired validity as the last date of ITR was extended several times. The only alternative left is that legal heir (son or wife) file the said ITR/TAR as per procedure given. WE applied in a case but after few days the application was rejected without communicating the reasons. In last dates for TAR, the tax audit report was filed by CA but could not be confirmed by assessee or legal heir. An application to CBDT was moved u/s 119 explaining the position and requesting permission either to file TAR/ITR in paper format or for approval to legal heir. No reply is received. What can be done to file these and avoid penalties.

Section 54F
Excerpt of query:	Notice U/s 148 was issued on 03/03/2020 served upon the assessee. In this case, the assessee has sold an immovable property (residential land) of Rs. 70,00,000/- dated 15/05/2014 on which capital gain arose of Rs.51,46,000/-. The assessee has deposited the entire amount of sale proceeds of Rs. 70,00,000/- in the Capital Gain Account Scheme, 1988 and claimed deduction u/s 54F of the Act. The Assessee has purchased a semi-finished new residential house (which was not complete in all respect to be treated as ready to move property) on 30/03/2017 for Rs. 94,00,000/- by way of utilizing the amount of Rs. 70,00,000/- deposited in the Capital Gain Account Scheme, 1988. The intention of the assessee was clear, the assessee has not utilized the amount kept the amount in the Capital Gain Account Scheme, 1988 for any other purpose and utilized the same for purchase cum completion of construction of the new residential house. Further, the completion of the construction of the semi-finished house is done by the assessee herself. In view of the above, the pure genuine intention of the assessee was to construct a residential house for his own residence and the amount deposited in the Capital Gain Account Scheme was utilized for the purpose of construction. Sir do we have the case laws in support of the above. As the department is not giving the benefit of the above investment and made the additions. read more

Section 54F

Excerpt of query:

Notice U/s 148 was issued on 03/03/2020 served upon the assessee. In this case, the assessee has sold an immovable property (residential land) of Rs. 70,00,000/- dated 15/05/2014 on which capital gain arose of Rs.51,46,000/-. The assessee has deposited the entire amount of sale proceeds of Rs. 70,00,000/- in the Capital Gain Account Scheme, 1988 and claimed deduction u/s 54F of the Act. The Assessee has purchased a semi-finished new residential house (which was not complete in all respect to be treated as ready to move property) on 30/03/2017 for Rs. 94,00,000/- by way of utilizing the amount of Rs. 70,00,000/- deposited in the Capital Gain Account Scheme, 1988. The intention of the assessee was clear, the assessee has not utilized the amount kept the amount in the Capital Gain Account Scheme, 1988 for any other purpose and utilized the same for purchase cum completion of construction of the new residential house. Further, the completion of the construction of the semi-finished house is done by the assessee herself. In view of the above, the pure genuine intention of the assessee was to construct a residential house for his own residence and the amount deposited in the Capital Gain Account Scheme was utilized for the purpose of construction. Sir do we have the case laws in support of the above. As the department is not giving the benefit of the above investment and made the additions.

Sale consideration of immovable property received in cash above prescribed limits will attract penal proceedings if the transaction is genuine
Excerpt of query:	I sold a immovable property and received 25,00,00 lakhs in cash as a sale consideration and the same was deposited in bank and the transaction was recorded in the income tax return filing also. will it attract penalty under s. 271 D for violation of S. 269SS of the income tax act? read more

Sale consideration of immovable property received in cash above prescribed limits will attract penal proceedings if the transaction is genuine

Excerpt of query:

I sold a immovable property and received 25,00,00 lakhs in cash as a sale consideration and the same was deposited in bank and the transaction was recorded in the income tax return filing also. will it attract penalty under s. 271 D for violation of S. 269SS of the income tax act?

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