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Some of the queries asked by people are given below.

Whether prosecution be launched for failure to pay the tax ?
Excerpt of query:	Good evening sir. The assessee has sold a residential property and has not filed the return of income. On receipt of notice u/s 148, the return was filed and tax was paid. However, during the course of assessment proceedings, the cost of acquisition and development was reduced by the assessing officer and accordingly demand is raised. The assessee has given the sale consideration received as loan to a company, which is in the process of winding up. Hence, the assessee is not in a position to pay the taxes. If the demand is finalised assuming that the assessee loses the appeal in the highest forum, will non-repayment of loan by the company be a reasonable ground for non levy of prosecution on the assessee? Also, please clarify if the age of the assessee will be considered at the time of launch of prosecution for the above mentioned facts. read more

Whether prosecution be launched for failure to pay the tax ?

Excerpt of query:

Good evening sir. The assessee has sold a residential property and has not filed the return of income. On receipt of notice u/s 148, the return was filed and tax was paid. However, during the course of assessment proceedings, the cost of acquisition and development was reduced by the assessing officer and accordingly demand is raised. The assessee has given the sale consideration received as loan to a company, which is in the process of winding up. Hence, the assessee is not in a position to pay the taxes. If the demand is finalised assuming that the assessee loses the appeal in the highest forum, will non-repayment of loan by the company be a reasonable ground for non levy of prosecution on the assessee? Also, please clarify if the age of the assessee will be considered at the time of launch of prosecution for the above mentioned facts.

Whether provisions of section 56(2) (x) are applicable to Rights issue of shares ?
Excerpt of query:	Good evening sir. My query is: Are the provisions of section 56(2)(viib) and 56(2)(x) applicable on rights issue of shares? Mumbai ITAT in two judgements have held that 56(2)(vii)(c) provisions are not applicable to rights issue. So, similarly can it be said that 56(2)(x) provisions are not applicable to rights issue? read more

Whether provisions of section 56(2) (x) are applicable to Rights issue of shares ?

Excerpt of query:

Good evening sir. My query is: Are the provisions of section 56(2)(viib) and 56(2)(x) applicable on rights issue of shares? Mumbai ITAT in two judgements have held that 56(2)(vii)(c) provisions are not applicable to rights issue. So, similarly can it be said that 56(2)(x) provisions are not applicable to rights issue?

Allowability of SAD Refund denied by Custom Authorites
Excerpt of query:	SAD Refund was applied 6 to 7 years ago with the Custom Authorities.The said amount was shown as Refund Receivable in the Balance Sheet in the year of payment of SAD custom Duty. However , the same was never offered as income. Now Custom department has rejected the said Refund application and the said amount has been debited to Profit and Loss Account.Whether this amount is allowable in current year in view of Provisions of Section 43-B,Bad Debts and Prior Period Expenses. read more

Allowability of SAD Refund denied by Custom Authorites

Excerpt of query:

SAD Refund was applied 6 to 7 years ago with the Custom Authorities.The said amount was shown as Refund Receivable in the Balance Sheet in the year of payment of SAD custom Duty. However , the same was never offered as income. Now Custom department has rejected the said Refund application and the said amount has been debited to Profit and Loss Account.Whether this amount is allowable in current year in view of Provisions of Section 43-B,Bad Debts and Prior Period Expenses.

. How many hard copies of appeal need to file by assessee before first appellate authority as per Section 107 of CGST Act, 2017 ?
Excerpt of query:	How many hard copies of appeal need to file by assessee before first appellate authority as per Section 107 of CGST Act, 2017 under GST law in absence of anything mention under said seciton ibid. Similary since GST Tribunal is not constituted and whenever it is constituted in future, how many hard copies of appeal need to file by assessee as per Section 112 of CGST Act, 2017 i.e. before Appellate Tribunal in absence of anthing mention under said seciton ibid. read more

. How many hard copies of appeal need to file by assessee before first appellate authority as per Section 107 of CGST Act, 2017 ?

Excerpt of query:

How many hard copies of appeal need to file by assessee before first appellate authority as per Section 107 of CGST Act, 2017 under GST law in absence of anything mention under said seciton ibid. Similary since GST Tribunal is not constituted and whenever it is constituted in future, how many hard copies of appeal need to file by assessee as per Section 112 of CGST Act, 2017 i.e. before Appellate Tribunal in absence of anthing mention under said seciton ibid.

When there is change in profit sharing ratio whether provision of section 9B read with S.45(4) and 48 of the Act is attracted ?
Excerpt of query:	1. Where there is only change in profit or loss sharing ratio of existing partners and no change in partners, will it get hit by section 9B? 2. Where there is only change in sharing ratio of existing partners in the assets and liabilities of the firm without any change in profit or loss sharing ratio, will it get hit by section 9B? 3 Where there are both sharing changes as above among existing partners ,will it get hit by section 9B. In all above cases no one is receiving any capital assets or stock in trade and same partners continue as before. There is no revaluation of any assets. There is no tax planning involved. Further in a genuine case where a family member is admitted in family business , would section 9B get attracted . read more

When there is change in profit sharing ratio whether provision of section 9B read with S.45(4) and 48 of the Act is attracted ?

Excerpt of query:

1. Where there is only change in profit or loss sharing ratio of existing partners and no change in partners, will it get hit by section 9B? 2. Where there is only change in sharing ratio of existing partners in the assets and liabilities of the firm without any change in profit or loss sharing ratio, will it get hit by section 9B? 3 Where there are both sharing changes as above among existing partners ,will it get hit by section 9B. In all above cases no one is receiving any capital assets or stock in trade and same partners continue as before. There is no revaluation of any assets. There is no tax planning involved. Further in a genuine case where a family member is admitted in family business , would section 9B get attracted .

CITATION OF CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S S V GLOBAL MILL LTD
Excerpt of query:	INTEREST ON COMPENSATION RECEIVED FOR LAND ACQUISITION FOR DELAYED PAYMENT/S BY NATIONAL HIGHWAY AUTHORITY OF INDIA LTD WHEHERR TAXABLE IF THE COMPENSATION ITSELF IS EXEMPT UNDER RECLLAR ACT ? PLEASE REFER CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S SV GLOBAL MILL LTD. read more

CITATION OF CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S S V GLOBAL MILL LTD

Excerpt of query:

INTEREST ON COMPENSATION RECEIVED FOR LAND ACQUISITION FOR DELAYED PAYMENT/S BY NATIONAL HIGHWAY AUTHORITY OF INDIA LTD WHEHERR TAXABLE IF THE COMPENSATION ITSELF IS EXEMPT UNDER RECLLAR ACT ? PLEASE REFER CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S SV GLOBAL MILL LTD.

When the assessment order is passed in the old name of the Company . when the name is changed and informed the Assessing Officer , whether the assessment is valid ?
Excerpt of query:	A NAME OF THE COMPANY WAS CHANGED FROM X LTD TO SAY Y LTD. THE SAID CHANGE WAS INTIMATED TO THE AO DURING THE ASSESSMENT PROCEEDINGS. THE AO STILL PASSED THE ASSESSMENT ORDER U/S 143(3) IN THE OLD NAME (I.E X LTD.). DOES THIS ORDER VALID AS ON THE DATE OF PASSING THE ORDER THERE IS NO COMPANY BY X LTD. read more

When the assessment order is passed in the old name of the Company . when the name is changed and informed the Assessing Officer , whether the assessment is valid ?

Excerpt of query:

A NAME OF THE COMPANY WAS CHANGED FROM X LTD TO SAY Y LTD. THE SAID CHANGE WAS INTIMATED TO THE AO DURING THE ASSESSMENT PROCEEDINGS. THE AO STILL PASSED THE ASSESSMENT ORDER U/S 143(3) IN THE OLD NAME (I.E X LTD.). DOES THIS ORDER VALID AS ON THE DATE OF PASSING THE ORDER THERE IS NO COMPANY BY X LTD.

CAN ADDITIONAL EVIDENCE UNDER RULE 46A BE ADMITTED BY APPELLATE AUTHORITY WHEN THE ASSESSEE WAS NOT ABLE TO FURNISH THE SAME DURING ASSESSMENT STAGE?
Excerpt of query:	The assessee during the course of assessment proceeding, even after granting sufficient opportunity by AO was not able to furnish confirmation, bank statement and ITR of depositors from whom unsecured loan was obtained. Accordingly the AO made the addition. Now the assessee before the CIT(A) has made available and produced all the documentary evidences (as above) to substantiate the unsecured loan was genuine. On what grounds, legal arguments and judgements, the appellant should raise in order that the CIT(A) admits the additional evidence now. read more

CAN ADDITIONAL EVIDENCE UNDER RULE 46A BE ADMITTED BY APPELLATE AUTHORITY WHEN THE ASSESSEE WAS NOT ABLE TO FURNISH THE SAME DURING ASSESSMENT STAGE?

Excerpt of query:

The assessee during the course of assessment proceeding, even after granting sufficient opportunity by AO was not able to furnish confirmation, bank statement and ITR of depositors from whom unsecured loan was obtained. Accordingly the AO made the addition. Now the assessee before the CIT(A) has made available and produced all the documentary evidences (as above) to substantiate the unsecured loan was genuine. On what grounds, legal arguments and judgements, the appellant should raise in order that the CIT(A) admits the additional evidence now.

Whether reassessment notice issued by Deputy Commissioner of Income tax is valid ?
Excerpt of query:	Asst u/s 143(3) was framed by income tax officer ( ITO) for the Asst year 2013-14. Now notice u/s 148 is issued by Deputy commissioner of income tax (DCIT) . Is it valid notice. read more

Whether reassessment notice issued by Deputy Commissioner of Income tax is valid ?

Excerpt of query:

Asst u/s 143(3) was framed by income tax officer ( ITO) for the Asst year 2013-14. Now notice u/s 148 is issued by Deputy commissioner of income tax (DCIT) . Is it valid notice.

Whether issue of reassessment notice is valid merely on the ground that property sold was not registered ?
Excerpt of query:	Where does it says that property should be registered property for eligibility of claiming LTCG and how there be discriminations for assessee who are reqularly investing property buying and selling in a cyclic manner where department not even question or verifying whther property bought or sold are registered property under registration act Where as when assesse sold the apartment and deposited LTC in into bank LTCG deposit scheme and while requesting for NOC in form G the lowest level officer ACIT DCIT without applying any mind reopening cases interrupting the various sections and then issuing notices after notices clueless misusing the powers vested on them and taking advantages of lockdown exercise etc etc. towards carno pandemic situation in delaying the matters further period read more

Whether issue of reassessment notice is valid merely on the ground that property sold was not registered ?

Excerpt of query:

Where does it says that property should be registered property for eligibility of claiming LTCG and how there be discriminations for assessee who are reqularly investing property buying and selling in a cyclic manner where department not even question or verifying whther property bought or sold are registered property under registration act Where as when assesse sold the apartment and deposited LTC in into bank LTCG deposit scheme and while requesting for NOC in form G the lowest level officer ACIT DCIT without applying any mind reopening cases interrupting the various sections and then issuing notices after notices clueless misusing the powers vested on them and taking advantages of lockdown exercise etc etc. towards carno pandemic situation in delaying the matters further period

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