sir, During assessment proceedings , consequent to revision  u/s 263  , the  range additional commissioner of income tax has issued directions u/s 144A of the Act, whether the addl commisioner action in issuing directions to the  concerned assessing officer  is valid in law ,  he issued letter to the assesse for hearing.  further , the additional commissioner of income tax  issued letters to the  partners of the assessee  for  hearing . pl guide me  and any relevant case law

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Assessee is an individual and has made claim U/Sec. 54F in respect of investment in the bungalow along with the land. while executing the agreement , the assessee has executed  Registered Development Agreement , where in the description of  property it is clearly mentioned that it is land with the constructed bungalow. However the AO has rejected the claim on the ground that the investment made by the assessee in the property is not for purchase of house property by the assessee but assessee had taken it for the purpose of  Development of the property.  Assessee is not engaged in the business of development of  property. Assessee has after period of 4 years has sold the same property as it is and the capital loss in the transaction has been accepted U/Sec.143(1)(a) of the Act. whether rejection of the claim of the assessee U/Sec.54F by the A.O. on the ground that the assessee had entered in to Development agreement is correct. Pl guide.

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Assessee is partnership firm engaged in the business of construction.  assessee firm has filed the declaration under IDS for A.Y. 2015-16 and 2016-17 in respect of Income earned during the relevant A.Y. .In the said declaration assessee firm has claimed the credit for payment of advance tax paid prior , however the PCIT has not allowed the credit and considered the IDS declaration as invalid . The assessee firm has filed the WP against denial of credit of advance tax in IDS declaration and the  same is pending before the HC. AO has issued the Notice U/SEc. 148 on 30.06.2021 on the ground assessee firm has not paid the taxes under the IDS declaration and therefore the income disclosed in the IDS for A.Y. 2015-16 and 2016-17, there is under assessment of income of both the years in A.Y. 2017-18. whether the action of AO for reopening the  the assessment for A.Y 2017-18 and considering the income disclosed in IDS for A.Y 2015-16 and A.Y 2016-17 , for which the PCIT has considered as invalid due to denial of credit for payment of advance tax is justified ? Please Guide

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Assessee is partnership having 4 partner engaged in the business of construction of housing project. Two partners express their desire to retire from partnership.  As a consideration on retirement they are going to received constructed area in the housing project with in next 4 years which includes residential as well as commercial units. What is tax implication under GST act of this transcation . Who is liable to.pay gst and when.

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Facts of the case: 1. Assessee is carrying on business of manufacturing paper bags and ROI is filed u/s 44AD till AY 20-21. 2. For AY 21-22 alongwith manufacturing activity he has also done Futures and Options transactions the summary is as below: Manufacturing Activity- Turnover Rs. 9.91 lk and Profit Rs. 1.59 lk F&O – Turnover Rs. 2.24 crore and Loss Rs. 3.12 lk Assessee has prepared separate P&L for both business and common balance sheet. Query: 1. Can assessee take the benefit of Proviso to Section 44AB(a) (As nothing in Cash for F&O business- criteria met. For manufacturing business this criteria of cash transaction is not met)- Show F&O loss under normal business without doing audit and continue the Manufacturing business under section 44AD. 2. Also If assessee need to claim the loss and get it carried forward than Audit will be required? (As time limit to file regular return is ended) Pl guide

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Let’s say one of the share holder, A (Non- resident), of ABC Pvt has renounced his right to subscribe to right issue to D (Non- resident). Would D attract provisions of sec 56(2)(x)? Also what would be the tax implication on A?

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Search warrant is issued in the name of Mrs X and her son Y. Mrs X owns Flat no 1 in first floor and her son Mr Y owns Flat no 20 in 3rd floor. Only Flat no 1 is mentioned in the search warrant containing the names of Mrs X and Mr Y. This issue was not contested at the time of search Mr Y was not in the premises at the time of search, summons were issued only to Mrs X and not Mr Y. Now, 153A notices are issued to Mr Y also seeking him to file returns for the last 6 years. Can we contest that search did not take place in the address mentioned in IT returns/Pan Data/Income tax online profile of Mr Y. Mr Y doesn’t reside in Flat no 1 but in Flat no 20, since there was no search in Flat no 20, there is no basis for 153A. If yes, is it better to wait for the assessment to conclude and then raise objection, so that the assessing officer is not antagonized. Can we raise this issue in the appeal stage, if needed

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The assessee is a private limited company engaged in the business of manufacturing of machinery required for construction activity. The intrinsic value of its shares is Rs. 150/- (Face value Rs. 10/-). The FMV of the shares is Rs. 200/-. The company is issuing right shares to the existing shareholders at par i.e Rs. 10/- per share. What are the tax implications of this transaction under Income Tax Act as well as Companies Act? Please Guide

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Finance Act 2021 has introduced new provision of taxation on transfer of capital asset or stock in trade on dissolution or reconstitution of Partnership Firm and AOP vide new section 9B and amended section 45(4), A conversion of a Partnership firm under Chapter XXI of the Companies  Act 2013 may not result into reconstitution of Firm or AOP. Hence above provisions may not attract ? This would mean that if self generated Gooldwill is bought into firms book by crediting partners capital acount and there after converting this firm into PVT LTD may not attract any tax ? Section 56(2)(10) will be applicable in the hands partners ?

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Assessee is individual and filling return regularly by offering income U/sec. 44AD . During the  course of assessment proceedings assesee submitted the summary of cash account and bank account deposits in bank account is less than the Turnover also submitted statement of affairs .Assessing Officer has added entire turnover as unexplained receipts u/sec. 69A of the Act on the ground that assessee has not given the evidence of items traded and proof of sales . Is  the action of AO is correct , he has not given any show cause Notice in this context.  Pl guide

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