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| PURCHASES OF SHARES ACCEPTED U/S 143(3)/147 IN A.Y. 11-12 , LTCG ON SALE OF SUCH SHARES IN AY 15-16 DOUBTED BY AO BY ISSUE OF NOTICE U/S 148 | |
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| Excerpt of query: | During FY. 10-11 Assessee purchased certain shares through banking channels . The shares were transferred in the D-mat account and the same were reflected in the Balance sheet as on 31.03.11. Case for the issue was reopened u/s 148 notice dated 31.03.18 . On the basis of information of DDIT (Inv.). The assessee objected to 148 and also furnished the details as regards the source of investment and after considering the details furnished the AO was satisfied and the assessment was completed on returned income u/s 143(3)/147. The above referred shares were sold during F.Y. 14-15 (A.Y. 15-16) through stock broker . STT was paid and payment was received through banking channels and deduction u/s 10(38) of LTCG was claimed. The case for A.Y. 15-16 has been reopened by issue of notice u/s 148 dated 31.03.2021. Since the purchases of the shares have been accepted in assessment u/s 143(3)/147 for A.Y. 11-12 . Whether the sale of the same shares in claim of LTCG can be disputed by A.O. Please give your valuable reply with citations. Thanks |
| Status of receipts whether as Karta of their respective HUF or Individual ? | |
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| Excerpt of query: | Whether income derived from funds of HUF – Individual or family income ? |
| Penalty u/s 271(1)(b) | |
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| Excerpt of query: | There is default u/s 271(1)(b) . The assessment was completed u/s 143(3). Apart from the reasonable cause for non appearing legal ground in appeal is that since the assessment has been completed u/s 143(3) , penalty u/s 271 (1)(b) is not leviable. Please give case laws of court/ITAT on the point. |
| Section 90(3). Rent income for immovable property situate in UK | |
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| Excerpt of query: | – An Individual is tax resident in India, holding British Passport has been filing returns in India since past several years.He has immovable residential Property in UK which is let out. He is paying tax in UK on rent income .He has not offered rent income in India returns in the past. Is he required to declare rent income in India tax return? He is of the opinion that rent income is not taxable in India because immovable property is situated in U.K. Please give your views. Also any other suggestion. Please cite case laws if any , supporting or against his opinion. |
| Partition of HUF | |
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| Excerpt of query: | 1) Who all have to be the signatories to the partition deed? 2) Whether daughter in law and son in law have to be signatories? 3) Whether grand children through son/daughter have to be signatories? 4) Whether spouse of the grand children through son/daughter have to be signatories? 5) What is the position vis a vis the great grand children (children of grand children through son/daughter)? 6) What is the position if any of the signatories is a minor? 7) If possible, please share a draft deed of partition. Thanks in advance |
| Partion HUF u/s 171 | |
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| Excerpt of query: | Mr B is a coparsenor of bigger HUF ‘A HUF’. On earlier partial partion of A HUF in 1975 , Mr B HUF Consiting of himself , his wife Major son and married daughter is also assessed separately as B HUF . B HUF has effected partition of its all assets and liabilities . Amongst coparceners and wife of B , will this partion of B HUF is complete partition u/s171 or still it will be treated as partial partition ? |
| DIN Format | |
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| Excerpt of query: | While trying to file CIT(A) appeal online in new online portal, only 22 characters are allowed in DIN Column and alphanumeric characters are not allowed, only numbers are allowed. In the Assessment Order, DIN is alphanumeric and is 39 characters long. Therefore, kindly inform the format of DIN? |
| What is the impact when Document identification number is not quoted in the body of assessment order ? | |
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| Excerpt of query: | What is the impact when DIN is not quoted in the body of assessment order but conveyed through a separate letter? is such type of assessment order valid? |
| whether Capital gains tax on compulsory acquisition of agriculture land in 2010 is taxable ? | |
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| Excerpt of query: | My agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2021 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. Are you able to please help out. Thank you |
| Whether legal heirs are liable to pay Capital gains tax in respect of property which was sold before his death ? | |
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| Excerpt of query: | Sir, There is a sale of immovable property during the financial year 2020-21 in the month of August. However, the assessee has died at the end of the year in the month of March 2021. Is there a liability to pay capital gain tax on this sale by the legal heirs? Please clarify |