Company amortize lease premium paid for leasehold land every year in its books of account and got disallowed while computing the taxable income under the provision of Income tax act considering the same is a capital expenditure. However no adjustment has been made while computing book profit u/s 115JB of Income tax act. Accordingly book profit is lower to that extent. The AO added back the same. How to proceed, please guide.

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Penalty u/s 270A was initiated on addition of conveyeyance expense Say 5% for want of vouchers etc but mentioned in Assessment order as Mis reporting of income. Assessee filed form 68 u/s 270AA claim ing immunity from Penalty within a month of the order but as per section 270AA immunity is not available in Misreporting of Income.How to proceed . Pl Guide and refer some judgements.

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Dear Sir, My query is as follows: If a search on a person took place on 30.09.2015 Return for assessment year 2014-15 filed on 30.09.2015 Last date for issuing notice under section 143(2) is 30.09.2015 Whether we can say, proceeding  for A.Y. 2014-15 is unabated proceedings or not Whether the plea that addition can be made only on the basis of search document can be taken for A.Y. 2014-15    

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Notice U/s 143(2) issued by ITO wd 20(3)(5), who has no territorial jurisdiction over the assessee for AY 2014-15, actual jurisdiction lies with ITO Wd 19(3)(5), an objection to that effect was filed within 30 days of issue of notice. However ITO 20(3)(5) asked for details time to time and assessee provided whatever the ITO asked for and an order was passed U/s 143(3) with an addition of Rs. 1 cr by disallowing LTCG on shares considering it as bogus.  Assessment was completed without removing objection filed by the assessee for jurisdiction. The assessee is in CIT (A), CIT (A) asked for remand report. ITO’s response to remand report is reproduced as follows: As per the records, the assessee has E-filed her Return of Income on 31.07.2014 and the same is verified on the E-filing portal and it is seen that the jurisdiction mentioned in the E-return for A.Y 2014-15 was assessed in old ITO Ward-17(1)(3). The said return of Income was processed by CPC. Thereafter, on 29 /O5 /2015, CPC has transferred the rectification rights to the jurisdictional Assessing Officer. i.e ITO 20(3)(5), Mumbai. The PAN of the assessee is with ITO Ward-17(1)(3), which has been restructured as ITO 2O(3)(5), Mumba. since 30.12.2014 The copies of the PAN jurisdiction History Details, Copy of acknowledgement of ITR for A.y 2014_15 and copy of WT Return for A.y 2014-15 is enclosed herewith for ready reference. It is very clearly seen from the records that the assessee has been regularly filing her Return of Incomes for both IT and WT, with ITO 2O(3)(5)), Mumbai, without placing any objection on record regarding the territorial jurisdiction or with regards to migration of PAN.  During the course of assessment proceedings, the assessee has not requested for migration of PAN on the basis of jurisdiction as per the residential address. The assessee had made timely submissions with regards to the scrutiny assessment proceedings with ITO 20(3)(5), Mumbai and the same was completed in accordance with the jurisdictional rights of the assessee being assessed with the ITO 20(3)(5),Mumbai.   Here would like to state that the address of the assessee in PAN record was changed in 2012, return also has new address from AY 13-14 onwards. Since the return was filed online, the asseessee has no option to choose designation of ITO. There afer the assessee has filed RTI application seeking answer that whether objection letter filed by the assessee is there on record or not. and if yes, any reply to the objection was given to the assessee. In response to RTI application, reply is received affirimg that objection letter is there on record and there is no reply was given by the ITO to the assessee. Sir, my query is that how strong is this stand based on jurisdiction of the ITO and without removing objection filed by the assessee, the AO has completed assessment. And what are are judicial pronouncement available on this whether favouring assessee or revenue, Kindly guide.  

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Sir, the IT deppt. had sent to the bank attachment notice of an assessee on february 2020. The assessee’s appeal is pending and he has not paid 20% of the demand. He has filed for saty of demand but no reply has been submitted. In the mean time,6 months have elapsed and no extention letter has been sent to the bank for attachment. Can the bank account be released based on expiry of 6 months?

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Dear Sir, One Charitable Trust with 12A and 80G registrations  would like to donate to another Charitable Trust 12A and 80G registrations. In the light of the new amendments, can this be done?.   If it can be done, any steps are precautions to be taken?

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Can a NGO sign a JV with Agency for implementing the project and receive funds directly from the donor company to the implementing Agencies…..

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what would be taxability on waiver of loans in light of section 2(24)(viii). What will be taxability in case a private limited company waives its loan given to another private limited company. Will it be taxable u/s 56(2)(x)

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If additions are made of more than Rs. 2 lakhs, under section 68 for cash credit or section 56 for gift received, whether section 269ST can also be applied by the AO and say there is violation of this section?

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When a private limited company makes an inter-corporate deposit with another sister company where a common shareholder holds more than 20% in both companies, whether provisions of deemed dividend u/s 2(22)(e) are applicable? What would be the implication of deemed dividend if debentures are issued by one company and subscribed by the other sister company?

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