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Some of the queries asked by people are given below.

Whether issue of Notice u/s.148 on the basis of information received from the Bank is valid ?
Excerpt of query:	Client have 44AD income for A.Y. 14-15. Turnover declarared Rs. 35 Lakh in return. REason to believe stated as ” Bank has given information that total Credit sum in Bank account is 56 Lakh and turnover declared is 35 lakh, difference remains to be unexplained “. Question : 1. Whether above reason to believe is correct as given by AO. As the same is just took from AIR and given to us. and also same details was already available 6 years back, why not 143(2) was issued at that moment of time…so it is change of opinion just. kindly guide read more

Whether issue of Notice u/s.148 on the basis of information received from the Bank is valid ?

Excerpt of query:

Client have 44AD income for A.Y. 14-15. Turnover declarared Rs. 35 Lakh in return. REason to believe stated as ” Bank has given information that total Credit sum in Bank account is 56 Lakh and turnover declared is 35 lakh, difference remains to be unexplained “. Question : 1. Whether above reason to believe is correct as given by AO. As the same is just took from AIR and given to us. and also same details was already available 6 years back, why not 143(2) was issued at that moment of time…so it is change of opinion just. kindly guide

Whether Accumulation under section 11(2) for specific object is not mentioned in form No 10 whether exemption can be denied ?
Excerpt of query:	One trust has filed form no 10 for accumulation under section 11(2) of act and objects has been mentioned for old age home, hospital and dispensary and school. So wanted to reject claim on the grounds that specific purpose has not been mentioned. Any ITAT chandigarh bench or punjab and haryana high court or supreme court decision. If available please share. read more

Whether Accumulation under section 11(2) for specific object is not mentioned in form No 10 whether exemption can be denied ?

Excerpt of query:

One trust has filed form no 10 for accumulation under section 11(2) of act and objects has been mentioned for old age home, hospital and dispensary and school. So wanted to reject claim on the grounds that specific purpose has not been mentioned. Any ITAT chandigarh bench or punjab and haryana high court or supreme court decision. If available please share.

When the Turnover is Rs 70 lakhs whether Tax Audit required or Not?
Excerpt of query:	FY 2020-21 Tournover 70 lakhs(Through Bank) Profit – 287000 Tax audit required ? If required then under which section? read more

When the Turnover is Rs 70 lakhs whether Tax Audit required or Not?

Excerpt of query:

FY 2020-21 Tournover 70 lakhs(Through Bank) Profit – 287000 Tax audit required ? If required then under which section?

Whether additions on account of seizure of gold coins in the course of search , which was received on the occasion of Silver Jubilee of marriage anniversary and levy of Penalty under section 271AAB(1)(B) is justified ?
Excerpt of query:	There was search operation u/s132 and block assessment has been completed.During the Assessment Year 2019-20 the AO has levied a penalty u/s 271 AAB(1)(B) on count of bullion found and seized in the locker.The bullion so found and seized a gold coins which the assessee received during the golden jubilee of the Navrattan enterprise and another one at his super annuation from the Navrattan and two gold coins acquired by assessee and his wife during silver jubliee of marriage anniversay. All these facts were disclosed by assessee in the assessment proceedings. AO rejected the proposition made forward by us and added the amount u/s 69 A and imposed a penalty . Further more assessee is a salaried employee and income from other sources and never ever had been assessee earned income more than 10 lacs in the block assessment How to deal with the case read more

Whether additions on account of seizure of gold coins in the course of search , which was received on the occasion of Silver Jubilee of marriage anniversary and levy of Penalty under section 271AAB(1)(B) is justified ?

Excerpt of query:

There was search operation u/s132 and block assessment has been completed.During the Assessment Year 2019-20 the AO has levied a penalty u/s 271 AAB(1)(B) on count of bullion found and seized in the locker.The bullion so found and seized a gold coins which the assessee received during the golden jubilee of the Navrattan enterprise and another one at his super annuation from the Navrattan and two gold coins acquired by assessee and his wife during silver jubliee of marriage anniversay. All these facts were disclosed by assessee in the assessment proceedings. AO rejected the proposition made forward by us and added the amount u/s 69 A and imposed a penalty . Further more assessee is a salaried employee and income from other sources and never ever had been assessee earned income more than 10 lacs in the block assessment How to deal with the case

Whether unequal partition of Hindu Undivided Family (HUF) property is permitted ?
Excerpt of query:	DEED OF TOTAL PARTITION WAS REGISTERED AND STAMP DUTY AT TWO PERCENT WAS PAID. ONE COPARCENAR WAS GIVEN RESIDENTIAL HOUSE , THE MARKET VALUE WAS RS ONE CRORE. REMAINING FIVE COPARCENARS WERE GIVEN RS TEN THOUSAND EACH BY CASH AND OR CHEQUES. STAMP DUTY OF RS.ONE THOUSAND WAS PAID WITH REGISTRATION FEES.ALL PROPERTIES TOTALLY PARTITIONED. THIS IS UNEQUAL PARTITION . IS IT PERMITTED. PLEASE REPLY WITH CASE LAWS . read more

Whether unequal partition of Hindu Undivided Family (HUF) property is permitted ?

Excerpt of query:

DEED OF TOTAL PARTITION WAS REGISTERED AND STAMP DUTY AT TWO PERCENT WAS PAID. ONE COPARCENAR WAS GIVEN RESIDENTIAL HOUSE , THE MARKET VALUE WAS RS ONE CRORE. REMAINING FIVE COPARCENARS WERE GIVEN RS TEN THOUSAND EACH BY CASH AND OR CHEQUES. STAMP DUTY OF RS.ONE THOUSAND WAS PAID WITH REGISTRATION FEES.ALL PROPERTIES TOTALLY PARTITIONED. THIS IS UNEQUAL PARTITION . IS IT PERMITTED. PLEASE REPLY WITH CASE LAWS .

How to compute Capital gains on bankruptcy of a company ?
Excerpt of query:	“Transfer”, in relation to a capital asset, includes: (i) Sale, exchange or relinquishment of the asset; (ii) Extinguishment of any rights in relation to a capital asset; (iii) Compulsory acquisition of an asset; (iv) Conversion of capital asset into stock-in-trade; (v) Maturity or redemption of a zero coupon bond; (vi) Allowing possession of immovable properties to the buyer in part performance of the contract; (vii) Any transaction which has the effect of transferring an (or enabling the enjoyment of) immovable property; or (viii) Disposing of or parting with an asset or any interest therein or creating any interest in any asset in any manner whatsoever.< Query: Many companies are referred to the IBC/declared bankrupt. Can the cost of shares be treated as a capital loss? If yes, in which assessment year and whether indexation benefit can be taken? read more

How to compute Capital gains on bankruptcy of a company ?

Excerpt of query:

“Transfer”, in relation to a capital asset, includes: (i) Sale, exchange or relinquishment of the asset; (ii) Extinguishment of any rights in relation to a capital asset; (iii) Compulsory acquisition of an asset; (iv) Conversion of capital asset into stock-in-trade; (v) Maturity or redemption of a zero coupon bond; (vi) Allowing possession of immovable properties to the buyer in part performance of the contract; (vii) Any transaction which has the effect of transferring an (or enabling the enjoyment of) immovable property; or (viii) Disposing of or parting with an asset or any interest therein or creating any interest in any asset in any manner whatsoever.< Query: Many companies are referred to the IBC/declared bankrupt. Can the cost of shares be treated as a capital loss? If yes, in which assessment year and whether indexation benefit can be taken?

When an order is passed u/s.153A, can it be revised by PCIT u/s.263 of the Act ?
Excerpt of query:	once order is passed u/s 153A/C , can it be revised by PCIT u/s 263 ? read more

When an order is passed u/s.153A, can it be revised by PCIT u/s.263 of the Act ?

Excerpt of query:

once order is passed u/s 153A/C , can it be revised by PCIT u/s 263 ?

Whether employees contribution towards PF and ESIC paid after due date and before filing of return is allowable as deduction.?
Excerpt of query:	Whether employees contribution towards pf and esi paid after due date as precribed under the prescribed under the law is disallowable u/s 36 of the IT Act, 1961 though paid within due date of filing return as per S43B of the It Act 1961 read more

Whether employees contribution towards PF and ESIC paid after due date and before filing of return is allowable as deduction.?

Excerpt of query:

Whether employees contribution towards pf and esi paid after due date as precribed under the prescribed under the law is disallowable u/s 36 of the IT Act, 1961 though paid within due date of filing return as per S43B of the It Act 1961

When the assessment is made as per the Face less Scheme , Which will be Jurisdictional Appellate Tribunal /High Court orders will be binding on the Assessing Officer ?
Excerpt of query:	in the case of a faceless asst/appeal , which will be jurisdictional itat/HC whose orders/judgements will be binding on the officer? a] as per address of Assessee or b] address of officer ? read more

When the assessment is made as per the Face less Scheme , Which will be Jurisdictional Appellate Tribunal /High Court orders will be binding on the Assessing Officer ?

Excerpt of query:

in the case of a faceless asst/appeal , which will be jurisdictional itat/HC whose orders/judgements will be binding on the officer? a] as per address of Assessee or b] address of officer ?

When earlier order is merged with subsequent order u/s 153A, whether revision of order is valid ?
Excerpt of query:	Assessee’s assessment order u/s 147 was subject to 263 proceedings . Subsequently search took place in assessee group company and assessment u/s 153A concluded without any adverse inference touching upon the issues which were subject matter of earlier 263 proceedings , although the AO was unaware of any such 263 proceedings. The assessment u/s 153A had attained finality & no 263 proceedings initiated by Department against such order . The earlier 263 order was challenged before ITAT which set aside the matter back to CIT for giving opportunity. Despite the CIT informed about subsequent 153A order which has merged & all earlier proceedings abated , still the PCIT had passed fresh order u/s 263 giving directions to AO to make enquiries afresh for a case related to 13 years back . This 263 order needs to be challenged before ITAT since the matter had already attained finality and there has to be an end to litigation read more

When earlier order is merged with subsequent order u/s 153A, whether revision of order is valid ?

Excerpt of query:

Assessee’s assessment order u/s 147 was subject to 263 proceedings . Subsequently search took place in assessee group company and assessment u/s 153A concluded without any adverse inference touching upon the issues which were subject matter of earlier 263 proceedings , although the AO was unaware of any such 263 proceedings. The assessment u/s 153A had attained finality & no 263 proceedings initiated by Department against such order . The earlier 263 order was challenged before ITAT which set aside the matter back to CIT for giving opportunity. Despite the CIT informed about subsequent 153A order which has merged & all earlier proceedings abated , still the PCIT had passed fresh order u/s 263 giving directions to AO to make enquiries afresh for a case related to 13 years back . This 263 order needs to be challenged before ITAT since the matter had already attained finality and there has to be an end to litigation

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