Whether non consideration of arguments submitted during hearing of the case amounts to mistake apparent from record and is amenable for filing MA before ITAT ?

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Assessment for A.Y 2013-14 was made u/s 143(3) on 01.03.2016. the case of the assessee was reopened on 08.04.2021 vide notice issued u/s 148. thereafter notice u/s 148A(b) was issued mentioning that EPF late. whether the case can be reopened under TOLA as assessment has already made u/s 143(3).

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My query is simply pertaining to a normal case where a society goes for redevelopment and enters into a Development agreement with the builder and members get larger flats for the same in the new construction. Query: Will section 45(5a) be applicable where we have to take the transfer date of the CC of the new flat as the year of declaring the cap. gains OR do we have to declare based on the date of signing the development agreement between society and developer OR the date when the member signs the agr for Permanent alternative accommodation with the developer and hands over their flat to the developer

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Sir, It would be really great if you could address my below issues: Facts are below: PART-1 Society goes for redevelopment and enters into a Development agreement in Feb 2013 (Registered agr with Stamp duty paid) with the developer. The existing old flats are all prior to 2001 and old. In April 2014, the developer enters into an agreement with each member for Agreement for Permanent alternative accommodation (Registered agr with Stamp duty paid) and member has to hand over their flats to the developer in 25th april 2014. (normal compensations of allowances, rent etc are all given) The New flats /Building is complete and completion certificate (CC) is given in 14th April 2017 Query 1: What is the capital gains for Mr.X. Will the timing of declaring capital gains be the  Develop agr date of Feb 2013 (FY 12-13) OR handover date 25th april 2014 (FY 14-15). OR will it be the date when the CC is given of 14th April 2017 (FY 17-18) (NOTE:This is a normal case of Redevelopment by society and members get 25% extra area in the new flat)….. I have been reading different views ..one where Section 45(5A) talks of taking the date of possession of new flat (FY17-18) as deemed date in case of Joint development agr………and other views considering the transfer which is Dev. agr date (FY 12-13) or actual handover by member Mr. X to developer which is Apr 14 (FY 14-15)…….. Also, to arrive at deemed sale value, we would have to do the valuation on the above dates, wherever applicable, is that right? Stamp duty has been paid on each of the above agreements, so instead of valuation, can we consider the stamp duty valuation? PART-2: Further, this new flat was gifted (Regd. Gift Deed) by Mr. X to his daughter & Wife in Mar 2022.  Wife Expired in Jun 2024 recently. Hence, for his share he received on the demise of his wife, he made a Release deed (registered) on July 2024 in favour of this daughter without consideration. The daughters now becomes 100% owner of the flat…..and sold the flat in Oct 2024.  Query 2: What will be the cap. gains for her?…..Correct me if i am wrong:…… For the daughter, it will be sale value Less: Cost which is the Cost to Prev. owner (Mr. X). This cost would be the receipt of the new flat which is the CC date 14th April 2017 (FY 17-18). FMV Valuation of the same to be taken and considered. Even if the stamp duty on this date is less, we can consider the FMV itself since, the provision of not exceeding the stamp duty value is for 2001 valuation (isn’t that) moreover, LTCG is considered since holding period of the previous owner is more than 2 yrs. So, by that Logic, we have ascertained Cost and holding period also.. Query 3:  Correct me if i am wrong:  Whether it is gift deed OR Release Deed, the principal of Cost and Holding period of Previous owner would apply. Release deed would also be treated as gift since it is without consideration. Query 4: Will it make a difference if Mr. X has not filed his returns at all and not declared any capital gains or any other income. Being Senior citizen, very low income. Daughters are taking care. And also, Cap. gains he assumed was NIL because of 54 exemption of new flat Thanks so much in advance. Do let me know if you need any further clarification. My email is below.

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Approval u/s 151 was given for A.Y 2019-20 on 30.03.2023 and notice u/s 148 was issued for escapement of income of Rs. 30 lakhs. During assessment proceedings assessee received notice u/s 144B dated 15.12.2023 but even after the notice name of the assessing authority was appearing in the notice. The notice was issued by central circle. whether faceless assessment scheme allows disclosure of the name of the assessing authority.

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My mother’s case is family property aka ancestral property division. Judge has ordered for final hearing but my uncle has filed a case which is leading long term extension of case.

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As i have income from salary as well as business income for AY 2023-24. I have offered the full salary as income and claimed the TDS inrespect of Salary. With regard to my business income my GST turnover was around 26 lakhs. But my clients have deducted TDS for Rs.34 lakhs which includes GST amount and advance I received from client. Hence I have offered the GST sales ie.Rs 26 lakhs as my receipts and from that offerd income u/s 44AD. And for balance amount i have carried forward the TDS to next year. But CPC allowed the tax xcredit in the proportion of whole income not as per headwise (ie. Salary & Business). Now Rectification oerder also confirms the same demand. What sohuld be the next step..

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Whether the provision of section 45(5A) of Income Tax Act, 1961 is applicable on transfer of rural agricultural land under Joint Development Agreement (JDA)? The rural agricultural land is not a capital asset as per section 2(14) of the Act, hence, in my opinion the provision of section 45(5A) should not be applicable on transfer of rural agricultural land under JDA. Accordingly, any capital gain from transfer of such land under JDA should be exempt.

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Hello Team, We, as a family of 4, have accumulated sizeable amount (cash) that is supposed to be used for retirement purposes. The amount accumulated is through a sale of property (the tax for this transaction has been paid). Our goal is to form a private irrevocable specified trust, introduce the cash into trust while forming the trust and then deploy that cash into debt and equity investments. Following are our concerns: 1. Tax implication while introducing the cash into trust – It is very much clear that there won’t be any capital tax implication for introducing the cash into trust. BUT will there be any tax implication for the said transaction if the Settlor of the trust is one of the Beneficiaries?   2. Can there be a clause for the trustee that he/she could sell investments (debt/equity) on a regular basis and provide that to the beneficiaries on time to time basis to fund the beneficiaries retirement? 3. What would be the tax implication on the selling of equity/debt funds? Will the capital gain on the selling of equity be taxed as whole on the trust or the beneficiaries getting the fixed shares would be taxed in individual capacity? (like all of the 4 would pay capital gains tax on the proportionate amount that they receive from the trust?)

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I am a NRI for last 15 years and received summon u/s 131(1A) for FY 2021 to FY2024. Without disclosing any details, the summons ask for following: Sources of Income earned by me and my family members in India & outside India Details of interest earned by me and my family members on NRE/NRO/FD/FCNR/HUF account All property dealings during this period All Bank account statement Details of any business conducted by me in India Copies of my and my family member passports All property documents which are held by me and my family members I understand that as NRI, I am not required to disclose my overseas income. I am willing to provide details of my India sourced Income which are disclosed in my tax returns and offered for taxes in relevant year. I have India sourced interest from NRO/NRE/FCNR exceeding INR 15L. Will it attract provision of section 6(1A)? I am a tax resident of UAE which impose no personal income tax. If provision of section 6(1A) is attracted, which all income shall be taxed in India. Will FCNR interest be included for calculation of INR 15L threshold? I split my earnings in UAE with my spouse (NRI) who then invests it in India. Will it attracts clubbing provision? My view is that my offshore income gifting to my NRI family members and their subsequent earnings thereon should not attract any clubbing provisions? Is there any provision of Income Tax Act which requires me to disclose my foreign income under 131(1A) summons?

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