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| Sec. 153C | |
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| Excerpt of query: | Assessee has purchase flat from developer. During the course of search at the premises of developer one excel sheet was found in which data regarding name of person flat no, agreement value and cash consideration was mentioned. Accountant and developer accepted in the statement recorded that they have collected on money from flat purchasers. Developer went to settlement commission and also submitted about on money as source . Assessing Officer has issued notice u/sec. 153C for 6 years to assessee on this information. Assessee has filed the returns in response to notice U/sec. 153C of the Act and submitted that the paper relied up on by the AO is dump paper as it does not bear signature and no addition can be made on the basis of third party statement and asked for cross examination of the person’s whose statements he has relied up on . However AO is saying the acceptance by the developer is sufficient and no opportunity of cross examination is required and if assessee wants cross examination then first will record the statement of assessee and then opportunity of cross examination will be given. Whether the paper found and relied upon is dumb paper? Whether AO action of denying cross examination and contention of recording of statement of assessee is legally correct and justified Whether AO can make addition in the hands of assessee on the basis of Excel sheet found during the search with developer and statement of developer and his accountant and submissions made by developer before Settlment Commission . Please guide |
| Section 145A(ii) of I.Tax Act 1961 | |
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| Excerpt of query: | Section 145A(ii) requires certain adjustments to be made in valuation of Purchase and Sale of Goods and Services and of Inventory for computing Taxable Business Income of a Assessee who is following Exclusive Method of Accounting. Query is:-Whether adjustment is also to be made for GST paid on Purchase of of Fixed Assets and Indirect Expenditure Incurred, when such GST has been debited to GST Account and not to Duties and Taxes Account(Expenditure Account). |
| Form for filing appeal before ITAT against order passed under section 144C of Income Tax ACt 1961 | |
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| Excerpt of query: | Please advise the form in appeal can be filed before ITAT against order passed under section 144C of Income Tax Act 1961 |
| IDS declaration but taxes not paid | |
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| Excerpt of query: | The à declared under IDS but the taxes not paid. Notice U/s 148 issued. The declared amount vin Form 1 is treated as undisclosed income. Kindy guide how to proceed? Regards |
| Section 115BBE-Income Tax | |
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| Excerpt of query: | In respect of Excess Stock and Excess Cash Found during the course of Survey,Assessing Officer has invoked Section 115BBE.Whereas, Assessee has offered these Amounts for taxation under theHead-Business Income and paid the the Tax under normal provisions.Whether Assessing officer is right. |
| Status of HUF on Death of Karta having 2 sons as member (Wife of Karta also expired) | |
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| Excerpt of query: | What is status of HUF on death of it’s Karta. The HUF was having 5 members 1. Karta 2. his Wife 3. Elder son 4. Younger Son 5. Younger Daughter. Wife of Karta is also expired & both sons are married & are karta of their own HUF. Whether elder son can become karta of HUF of his father, even though he is karta of his own HUF. |
| purchase of a property —dues of seller | |
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| Excerpt of query: | How can a buyer ascertain whether a seller is having tax dues ? what is the liability of a buyer who has bought property from a seller having tax dues ? |
| indexation****** surrender of tenanted property | |
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| Excerpt of query: | can a tenant adopt value as on 1-4 -2001 for indexation while surrendering rights ? |
| Section 270A | |
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| Excerpt of query: | Can AO invoke provision of section 270A just because tax at higher rate is applied by him u/s 115BBE and no addition to income is made on income declared is offered at normal rate ? |
| Section 115BBE | |
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| Excerpt of query: | Does provision of section 115BBE apply to income declared during survey for current year only? |